„Trade, of course, will not disappear, that is, the dollar and the euro will not disappear. In any case, there will be some part of the clients who deal with these currencies, you can’t get away. Most likely, such trading will be over-the-counter, that is, if someone has working correspondent accounts in these currencies with foreigners, they will be able to deal, those who do not have such accounts, they will not be able to deal,” Sergey Moiseev, Advisor to the First Deputy Chairman of the Bank of Russia, said at the Interregional Investment and Financial Forum in Pyatigorsk. „A centralized solution will no longer be possible here. Because centralization means bringing a specific market entity under sanctions,” he suggested.

He recalled that there is an over-the-counter foreign exchange market, as well as the possibility of conducting bilateral foreign exchange transactions.

„If the market is not transparent, then you can use form 701 (report on conversion operations), which contains data on currency exchange operations, this is a daily form, it will also be possible to calculate the ruble exchange rate. Therefore, the ruble exchange rate will be official, which we publish, which you you use everything in exchange transactions, etc. It simply will not be a fixing of the Moscow Exchange, it will be data from the over-the-counter market. There is no criticality in this, if it happens (new sanctions are introduced), it will happen, but there is a solution for this anyway, ” Moiseev added.

He stressed that he does not see any problems with restrictions on the circulation of the dollar in Russia.

“The dollar is a reserve currency, there are expectations that it is supposedly stable, people are used to it, there are habits, but our own experience of the last ten years shows that we can live perfectly without the dollar. I don’t see any problems with this. Europe loved the euro. Other countries like other currencies,” Moiseev said.

The United States has not yet imposed sanctions against organizations of the Moscow Exchange group – only personal sanctions against its former and current top management. In the EU, sanctions against the National Settlement Depository (NSD) have been in effect since early June. The regulator and market participants have prepared action plans in case the National Clearing Center (NCC, part of the Moscow Exchange group) falls under US sanctions and the possible termination of exchange dollar settlements, Elizaveta Danilova, director of the financial stability department of the Bank of Russia, said the day before. According to her, there is an understanding of how to calculate the official exchange rate in such a situation.