Western Sanctions 'Direct Hit'... Russian Central Bank Closes Securities and Futures Markets (Update)

Russian Central Bank Drastically Raises Interest Rate to 20%
(Moscow AFP=Yonhap News) On the 28th (local time), a national flag is displayed on the rooftop of the Moscow headquarters of the Russian Central Bank. On this day, the Russian Central Bank made a drastic increase in the benchmark interest rate from the current 9.5% to 20%. 2022.2.28
jsmoon@yna.co.kr
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[Asia Economy Sejong=Reporter Lee Jun-hyung] On the 28th (local time), Russia decided not to open its securities and derivatives markets. This is due to the severe impact on the financial markets caused by economic sanctions from major Western countries.

According to major foreign media, the Bank of Russia issued a statement on the day saying, "The securities futures and derivatives markets will not open on Monday." The central bank plans to announce its plan to resume securities and derivatives trading on Tuesday (March 1) at 9 a.m.

Following Russia's invasion of Ukraine, the United States and Europe decided to exclude Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment network, causing the Russian ruble's value and stock market to plummet. The Bank of Russia decided to raise the base interest rate from 9.5% to 20% on the same day.

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