On the evening of September 20th, the Moscow Stock Exchange announced that the foreign exchange market would suspend the use of sterling for trading. According to the information disclosed by the Exchange, the use of sterling is suspended because of the potential difficulties and risks in sterling settlement. However, it also announced that it is cooperating with banks to resume related transactions. Of course, this is just an official statement. In fact, many people must know very well that the reason why Russia didn't use pounds and dollars was because of the influence of the Russian-Ukrainian war, and European and American countries imposed all-round sanctions on Russia. If Russia still relies on dollars and pounds, it will cause a fatal blow to Russia's domestic economy.
After World War II, the world implemented a payment system based on US dollars. In this process, Britain and the United States stand on the same front. Relying on the strong position of the dollar, the United States has earned the wealth of all countries in the world to its own country. On the contrary, it shares domestic economic risks with other countries. However, due to the strength of the US dollar, other countries can only adapt to the special status of the US dollar while developing their own payment systems. However, with the progress of the Russian-Ukrainian war, Russia has been collectively sanctioned by European and American countries in the international arena. If we still rely on the US dollar at this time, Russia's economic system will collapse. Under such conditions, it is a last resort to decouple the ruble from the dollar and the pound. Fortunately, Russia can have other options besides USD and GBP, such as a RMB payment system with good credit, or Russia can set up its own payment system to cope with the difficulties.
The Moscow Stock Exchange announced that it would suspend trading in pounds. Do you know what effect this will have? Welcome to leave a message for discussion.