Posted on 03/09/2022 8:09:54 AM PST by marcusmaximus
The Moscow stock exchange will stay shut Wednesday, Russia's central bank said, bringing the closure well into the second week.
The central bank also halted sales of foreign currency, as tough sanctions threaten to crush Russia's economy.
The Russian ruble is trading at less than 1 cent, and the country's stocks are seen as "uninvestable".
Moscow's stock exchange remained shuttered Wednesday, extending its closure well into a second week, as escalating sanctions against Russia threatened to hobble the country's economy.
Russia's central bank has opened trading on its currency market, even as it separately stopped the sale of foreign currencies.
The Bank of Russia said in a statement that foreign currency sales to customers would be halted from Wednesday until September 9. Banks may not make any foreign-currency sales to customers, but customers can exchange foreign currencies to ruble.
The Russian currency, the ruble, has plunged to historic lows. It was trading at less than 1 cent to the US dollar, at $0.0085 on Wednesday, and is down by over 35% year to date.
Strategists have said Russia was becoming increasingly "uninvestable", as huge amounts of its assets are frozen, and global financial institutions and companies scramble to cut ties with the country.
(Excerpt) Read more at msn.com ...
The oligarchs moved their cash in December or January. I would bet that most of them kept their cash off shore and in dollars anyway. They did not become oligarchs by being idiots.
I imagine this was the talk at the Dachas for months.
Yes, but China will go for a shopping spree https://www.bloomberg.com/news/articles/2022-03-08/china-considers-buying-stakes-in-russian-energy-commodity-firms
Fire sale in Russia and China is buying.
Now we know the real reason Xi asked Putin to delay the invasion by 2 weeks until the beginning of Ukrainian mud season.
And it wasn’t the Olympics.
Russia will turn out to be a China satellite nation. The last time the Russian stock market closed for over a week was 1917 and didn’t reopen for a long time.
I will believe it when all Russian’s credit cards are cancelled by Visa, MC, Amex, etc.
That's why foreign currency trading was shut off in Russia.
I would not be surprised to see the Russian stock exchange re-opened with all of the companies listed in dollars, euros and/or yen.
"You want to buy a majority stake in Gazprom? Sure ... but you're going to pay $500 billion for it, not a bazillion rubles."
Visa, Mastercard and American Express have announced they will suspend all operations in Russia in protest at its invasion of Ukraine. But Russia's major banks have already downplayed the impact the move will have on consumers.
Shoppers will still be able to use the cards for purchases within Russia until they reach their expiry dates. But Visa, Mastercard or American Express cards issued abroad will no longer work at shops or ATMs in Russia. Clients will no longer be able to use their Russian cards abroad or for international payments online either.
Visa and Mastercard alone control about 90% of credit and debit payments in the world, outside of China.
Wonder what the Russian Mafia has planed Putin is putting a real crimp on their business.
Russia and China share borders in a couple places.
Each have several hundred thousand troops and all kind of equipment facing off against each other.
Eventually Russia will see that the Chi-coms are taking advantage of Russia and its situation.
love to see them slug it out.
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