Washington imposed new sanctions on Wednesday on the Moscow Exchange and its clearing agent, the National Clearing Centre (NCC), leading to an immediate trading halt in dollars and euros on Russia’s largest bourse. The US Treasury said it was “targeting the architecture of Russia’s financial system, which has been reoriented to facilitate investment into its defense industry and acquisition of goods needed to further its aggression against Ukraine.” Russia shrugged off the move, pointing to the reduced role of the dollar and euro since Moscow’s February 2022 full-scale invasion of Ukraine led to sweeping Western sanctions. But the US move took the market by surprise and it may take days, i
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