The Central Bank promised a single, market-based ruble exchange rate after new US sanctions.

US sanctions against the Moscow Exchange "only change the trading structure" on the foreign exchange market and do not affect the volume of foreign currency exports or the demand for it, the Central Bank said in a statement.

The regulator will continue to set the official exchange rate on the over-the-counter market; the rate will be “unified and market-based,” the Central Bank stated .

"It should be noted that both the international foreign exchange market and the domestic foreign exchange markets of most countries are over-the-counter (OTC) markets. Exchange-based currency trading is not a prerequisite for the convertibility of the national currency, the free circulation of foreign currency, or market-based exchange rates," the statement reads.

The day before, on June 12, Washington imposed sanctions against the Moscow Exchange and the National Clearing Center (NCC, the counterparty in all foreign exchange transactions on the Moscow Exchange). This resulted in the exchange ceasing trading in dollar and euro currency pairs as of June 13. Furthermore, trading in the Hong Kong dollar was suspended, as it is pegged to the US dollar.

The US Treasury Department has authorized transactions with the Moscow Exchange, the National Clearing House (NCC), and the sanctioned National Settlement Depository (NSD) until August 13, 2024. Additionally, transactions with the NCC related to oil, oil products, gas, and other energy resources are permitted until November 1 of this year.

The Central Bank announced that Russian companies and individuals will be able to continue buying and selling US and European currencies through Russian banks on the over-the-counter market. Exchange rates will be determined based on bank statements and "information received from digital over-the-counter trading platforms" and will be independent of the trading platform where the transactions are conducted.

The regulator added that over the past two years, the role of the dollar and euro in the Russian market has diminished, with many settlements being transferred to rubles, yuan, and other currencies of friendly countries. In May, the share of yuan trading on the Moscow Exchange reached 54%, the Central Bank noted. They believe that "the yuan/ruble exchange rate will also set the trajectory for other currency pairs and become a benchmark for market participants." The Central Bank asserts that turnover on the over-the-counter dollar and euro markets has long exceeded the volume of transactions on the Moscow Exchange.