Moscow Exchange

Moscow Exchange is a Russian financial-market-infrastructure group operating securities, derivatives, money and currency markets. Its group includes legally distinct entities, notably the National Clearing Centre and National Settlement Depository. MOEX, NCC and NSD must not be treated as interchangeable.

Sanctions and market response

The European Union designated NSD in June 2022. On 12 June 2024, the United States designated MOEX, NCC and NSD under Executive Order 14024. The United States Treasury stated the basis for each entity in its release. Current status requires an OFAC list check by legal name and identifier.

The Bank of Russia responded by suspending on-exchange trading and settlement in deliverable United States-dollar and euro instruments. It stated that over-the-counter dollar and euro transactions could continue through Russian banks and that other exchange segments remained open. Official exchange-rate calculation shifted to bank reports and over-the-counter platform data.

The distinction corrects the claim that designation ended all dollar and euro activity in Russia. It changed market infrastructure, transparency, liquidity and transaction routes. Measured exchange-rate or trade effects cannot be assigned to the designation alone without separating monetary policy, capital controls, commodity flows and other sanctions.

MOEX belongs beside Coalition sanctions and export controls against Russia after the full-scale invasion of Ukraine (2022-present), Renminbi internationalisation and Central-bank reserve immobilisation. It illustrates infrastructure pressure and adaptation, not a complete severance of currency use. NSD's role as central securities depository and NCC's role as central counterparty also create different asset, settlement and legal effects from sanctions on the exchange operator.

Each entity needs its own list and identifier check.

Sources

1. United States Department of the Treasury, Treasury sanctions Moscow Exchange, NCC and NSD (12 June 2024).
2. Bank of Russia, Information on transactions in US dollars and euros due to sanctions against Moscow Exchange Group (12 June 2024).
3. Bank of Russia, *Annual Report 2024* (2025).
4. Office of Foreign Assets Control, Sanctions List Search (checked 30 July 2026).