Economist Sergei Glazyev, a senior figure within the Russian Academy of Sciences, weighed in on the sanctions imposed by the United States on the Moscow Stock Exchange. In remarks attributed to Tsargrad.tv, Glazyev urged Moscow and its international partners to push ahead with a plan for a new monetary and financial framework that operates without reliance on the dollar. This stance mirrors a long-standing argument within certain circles that dollar dominance in global trade and finance could be challenged through alternative settlement networks and currency arrangements. [CITATION: Tsargrad.tv]
Glazyev argued that the current global financial system still carries the “poison” of the dollar, suggesting that although the dollar has not rendered the market inert, its influence remains central to many transactions and financial flows. The message underscores how shifts in currency policy and sanctions could trigger broader realignments in international finance, especially for nations seeking greater autonomy from Western-dominated payment rails. [CITATION: Tsargrad.tv]
On June 12, official notices from the US Treasury detailed sanctions targeting the Moscow Exchange and the National Clearing Centre, institutions that function as intermediaries for foreign exchange operations conducted on the exchange platform. The National Clearing Centre is part of the Moscow Exchange group alongside the National Settlement Depository, and these entities play a critical role in clearing and settling a wide array of securities and currency trades. The designation highlights Washington’s focus on disrupting financial infrastructure that supports cross-border activity linked to Russia. [CITATION: US Treasury]
In response to the sanctions, the Moscow Exchange announced a temporary suspension of trading in US dollars and euros, a move set to begin on June 13. Officials emphasized that the exchange possesses a comprehensive toolkit to maintain market continuity amid heightened volatility. These tools include separate auctions and the ability to adjust risk parameters quickly to protect participants and preserve orderly trading during periods of market stress. [CITATION: Moscow Exchange]
The development also drew commentary from lawmakers who weighed the broader implications of the sanctions. A former member of the State Duma offered insights into potential benefits and strategic consequences of escalating measures, highlighting how such policies might influence Russia’s financial strategy and its approach to international settlements. The discussion reflects a broader debate about how sanctions reshape financial markets, market access, and the resilience of institutional infrastructure during geopolitical tension. [CITATION: State Duma]
As events unfold, observers in Canada and the United States are watching how sanctions interact with global liquidity, currency flows, and the capacity of major exchanges to adapt to regulatory shocks. Analysts consider the potential for alternative settlement arrangements, diversification of reserve currencies, and the role of regional financial ecosystems in mitigating the impact of Western-imposed restrictions. This evolving situation illustrates the ongoing effort to balance national policy objectives with the global demand for stable, transparent, and accessible capital markets. [CITATION: Market Analysis]