Central Bank of Russia Braces for Turmoil With Nonresident Trading Ban

Nonresident holders of Russian equities won't be able to cash out, at least for now.

AccessTimeIconFeb 28, 2022 at 7:42 a.m. UTC
Updated May 11, 2023 at 5:23 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Nonresident holders of Russian equities won't be able to liquidate their holdings, the Central Bank of Russia announced on Monday, effectively banning foreign trading hours before the market is set to open.

  • Nonresident traders will likely be looking to limit or eliminate their exposure to the sanctioned economy, but are going to find that impossible for the time being.
  • The central bank delayed trading as it worked behind the scenes to assess the impact of the sanctions placed on the country. The currency markets opened Monday with the ruble dropping 40% against the dollar. A decision will soon be made on whether the equities market will open for the day.
  • The European Union has committed to removing Russia from the SWIFT interbank messaging network, along with the U.S., U.K. and Canada. South Korea announced on Monday that it would also ban the export of certain strategic items to Russia, along with banning its banks from transacting with Russia via SWIFT.
  • Over the weekend, the U.S., EU, U.K. and Canada added Russian President Vladimir Putin to their sanctions lists.


Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.