The Moscow Exchange has prepared a contingency plan for a scenario in which American sanctions are imposed and dollar trading on its platforms is halted. This was discussed by a representative of the Moscow Stock Exchange group, Igor Marich, in conversations reported by Interfax.
Marich noted that this is not the first time potential sanctions have been raised in public discourse. He added that the exchange has repeatedly taken steps to ensure that traders and bidders understand how to proceed if such restrictions come into effect. The emphasis, he said, has always been on maintaining market continuity and clarity for participants regardless of external pressures.
According to his assessment, the role of the U.S. dollar in daily trading has diminished compared with previous periods. He argued that the exchange could still form a credible and stable dollar reference rate through a combination of foreign exchange trades and over-the-counter transactions, should traditional dollar markets face disruptions. In his view, the market structure and price discovery mechanisms possess enough resilience to adapt to changing conditions without causing a disorderly shift in value.
On November 2, the U.S. Treasury expanded its sanctions program, listing hundreds of Russian entities on the Specially Designated Nationals (SDN) list, commonly referred to as the blacklist. The expanded measures touched several notable institutions and projects, including entities connected with the St. Petersburg Stock Exchange, divisions of Gazprom Neft, Bauman Moscow State Technical University, and the Arctic LNG 2 project, as well as the AFK Sistema conglomerate. In response, the sanctions regime led to a reorganization of supervisory arrangements for the St. Petersburg platform, prompting adjustments in oversight and governance across linked market structures.
Observers have noted that the consequences of sanctions for Russian markets extend beyond the immediate trading floor. They influence liquidity, access to international banking channels, and the ability of domestic participants to engage with global counterparties. The St. Petersburg exchange, along with affiliated entities, has been navigating these changes by strengthening domestic settlement capabilities, exploring alternative currency channels, and enhancing transparency around settlement processes to mitigate the risk of abrupt dislocations in pricing or funding costs.
Market participants have emphasized the importance of robust risk management and clear communication from exchange operators during periods of geopolitical and regulatory stress. Even with restrictions on dollar-based trading, exchanges can rely on diversified settlement rails, cross-border partnerships, and locally oriented liquidity pools to support ongoing price discovery and capital formation. The overarching aim is to preserve orderly markets, maintain investor confidence, and minimize volatility that might otherwise arise from uncertainty surrounding sanctions and policy shifts.
Industry experts also point out that sanctions events often catalyze reforms across the financial ecosystem. They can accelerate the adoption of alternative reference rates, encourage broader use of domestic currencies in cross-border trade, and stimulate the modernization of clearing and settlement infrastructure. In such a climate, exchanges, regulators, and market participants work together to balance sanctions compliance with the need to sustain efficient capital markets that serve domestic companies and international traders alike.
In summary, while sanctions create short-term friction for currency exchanges and international trading links, the Russian market ecosystem appears to be adapting by reinforcing internal liquidity channels, adjusting supervision frameworks, and mobilizing a multi-currency approach to price formation. The long-term impact will hinge on policy developments, the pace of regulatory alignment with global standards, and the ability of market infrastructures to maintain transparent and resilient operations under evolving sanctions regimes.