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The Central Bank of the Russian Federation reacted to the Forbes publication on the cancellation of exchange trading in the dollar and the euro

The Central Bank of Russia (CBR) is modeling, together with market participants, various scenarios of the impact of anti-Russian sanctions on the country’s financial sector in order to develop a response to changes in external conditions. This statement was made by the Central Bank of the Russian Federation on July 29.

“In order to ensure the protection of customers and the uninterrupted operation of the financial system, the Bank of Russia is conducting simulations of various scenarios with market participants and infrastructure organizations,” the press service of the RIA Novosti regulator said.

Thus, the regulator commented on the publication of Forbes, which earlier on the same day spoke about the preparation of the Central Bank for options in the event of a possible cessation of exchange trading in the dollar and the euro due to sanctions against the Moscow Exchange and the National Clearing Center. As specified, the regulator is considering the option of creating an analogue of the Bloomberg news agency for an alternative way of forming the exchange rate.

On June 14, the Moscow Exchange announced that it was suspending trading in the Swiss franc due to anti-Russian sanctions, which Bern joined. It is noted that the fulfillment of obligations under previously concluded transactions continues as usual, and the Moscow Exchange is working with correspondent banks to resume trading.

On June 15, Prime Minister of Russia Mikhail Mishustin spoke about the fact that the Russian economy is gradually adapting to the Western restrictions imposed against it. To a large extent, this is facilitated by decisions taken as part of achieving national development goals until 2030, he explained, and added that the Russian government has included more than 300 measures in three months in the plan of priority actions to support the country’s economy under sanctions.

On May 31, the Institute of Business Ombudsman Boris Titov reported that the majority of Russian entrepreneurs (77%) had successfully adapted to the new economic conditions caused by sanctions against Russia.

On May 12, Russian President Vladimir Putin said that the country is successfully coping with sanctions, and those who impose them are provoking a global crisis. The head of state warned that the “continuation of the sanctions obsession” would lead to “hard to reverse” consequences for the European Union and the world’s poorest states.

Western countries began to tighten sanctions against Moscow against the background of Russia’s special operation to protect the civilian population of Donbass, which was announced on February 24.

The special operation began against the background of the aggravated situation in the region in mid-February. Then the authorities of the DPR and LPR reported on the increased shelling by the Ukrainian troops, announced the evacuation of the civilian population in the Russian Federation and asked for recognition of independence. On February 21, Putin signed a corresponding decree.

For more up-to-date videos and details about the situation in Donbass, watch the Izvestia TV channel.

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