Moscow Exchange suspends trading in British Pound next month

THE Moscow Exchange will suspend trading in the British pound on the foreign exchange market from October 3, 2022, according to a statement from the trading platform.

“From October 3, 2022, trading in the British pound will be suspended on the currency market of the Moscow Exchange,” a statement read on Tuesday, September 20.

“The restrictions will affect spot and swap instruments on currency pairs “British pound – Russian ruble” (GBPRUB) and “British pound – US dollar” (GBPUSD) in exchange and over-the-counter modes,” the exchange said.

The statement also noted that the suspension of operations is due to the potential risks and difficulties in the settlement of GBPUSD, as reported by 1prime.ru.

“Execution of obligations on previously concluded transactions, as well as on transactions to be concluded until September 30, 2022, inclusive, will take place in the normal mode,” the exchange added.

“Moscow Exchange Group is working with correspondent banks for a possible resumption of trading, which will be announced additionally.”

The news comes after the Russian stock exchange crashed following the announcement of various referendums including in the Luhansk and Donetsk People’s Republics.

On Tuesday, September 20, Twitter rapidly began to flood with reports of the Russian stock market crash after various referendums were announced:

“The Russian stock market began to collapse after referendums were announced.”

The Russian stock market crash comes after the public council of the Kherson Region has asked the head of the region, Volodymyr Saldo, to urgently hold an immediate referendum on Russia’s accession.

The Russian-controlled Kherson council believes that holding an immediate referendum in order to join the Russian Federation would secure the territory of the Kherson Region and “restore historical justice”.

The chairman of the Kherson regional public council, Volodymyr Ovcharenko, said that the referendum should be held as soon as possible.

The news comes after the public chambers of the Luhansk and Donetsk People’s Republics (LPR and DPR) proposed to hold an immediate referendum on joining the Russian Federation.

A referendum will be held from September 23 to 27, according to the chairman of the People’s Council of the republic, Denis Miroshnichenko, on Tuesday, September 20.

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