Russia Shuts Down Dollar Trade in Response to Latest US Sanctions

In the light of the latest sanctions, Russia has shut down the Russia in exchange to any transactions in dollars, Euros, or Hong Kong dollars. This was a result of yesterday’s decision by the U.S. Government to impose more sanctions on Russia and to suspend the use of the dollar in trading. The measure is clearly an attack on Russia’s financial architecture, ostensibly to stem the flow of money to the military build-up. News agency Vedemosti reported that the Research Institute of Management Problems is working now to develop a monetary unit that can be used for calculation within the BRICS framework. The sanctions included the Moscow Exchange as well as firms in China, Turkiye, and the UAE.