After the new US sanctions, people in Russia are starting to worry about their dollar savings

• The Moscow Stock Exchange halted trading in dollars and euros in response to new US sanctions over the invasion of Ukraine.
• Before the sanctions were announced, the Russian Central Bank fixed the exchange rate at 89 rubles per dollar, but some banks set it at 200 rubles per dollar the next day.
• For Russians, the dollar is a sensitive topic, because they have their savings in dollar accounts and often buy dollars to protect their assets.

Washington imposed additional sanctions on Russia on Wednesday. Their goal is to sever Russian-Chinese ties that enable supplies for the Russian military during the war against Ukraine. However, the sanctions also disturbed ordinary Russians, who are starting to worry about their money in accounts in foreign currencies.

Part of the new American measures are sanctions against the Moscow Stock Exchange, which is the main Russian stock market and clearing center for transactions in foreign currency. In response, the Moscow Stock Exchange stopped trading in dollars and euros. Trading thus moved to the over-the-counter market, where trades are made between two parties.

On Wednesday, the Russian central bank fixed the exchange rate of the dollar to the ruble at 89 rubles to the dollar. However, according to the Reuters agency, some banks increased the exchange rate up to 200 rubles per dollar.

Sensitive topic

Russian society is always very sensitive to the exchange rate of the dollar. Lots of Russians