Zhongxin Finance, February 28 (Reporter Xie Yiguan) On February 26, the United States and Europe decided to exclude some Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment system.

On the 28th, the Russian ruble fell 29.37% against the US dollar, hitting a new record low.

In the face of the "financial nuclear bomb" thrown by the United States and Europe, Russia began to take countermeasures and launched a "financial counterattack".

On October 12, 2017 local time, the new version of the 2,000 ruble banknotes released by the Central Bank of Russia in Moscow.

Ruble plummets, Russia raises key interest rate to 20%

　　On the 28th, the Russian ruble fell by 29.37% against the dollar at one point, the depreciation of the ruble against the dollar hit a record low, and the exchange rate of the Russian ruble against the euro also hit a record low.

　　On the same day, the Central Bank of Russia announced that it would raise the benchmark interest rate to 20%.

　　The Central Bank of Russia issued a statement on the same day saying that the external conditions faced by the Russian economy have undergone drastic changes. Raising the benchmark interest rate can guarantee the level of deposit interest rates to cope with the risk of currency depreciation and inflation, maintain financial and price stability, and protect people's savings.

　　"The increase in interest rates can curb the depreciation of the ruble to a certain extent. This astonishing increase in interest rates should have a very obvious effect on stabilizing the outflow of local funds." Dong Dengxin, director of the Institute of Finance and Securities at Wuhan University of Science and Technology, told Zhong. New financial reporter.

Data map.

Photo by Zhang Yun

Enterprises forced foreign exchange sales to resume domestic gold purchases

　　Not only that, the Russian Ministry of Finance stated that from February 28, 2022, Russian exporters will be obliged to sell 80% of their foreign exchange earnings under all foreign trade agreements.

　　In addition, on the 27th local time, the website of the Central Bank of Russia announced that the Central Bank of Russia will resume the purchase of gold in the precious metal market in Russia from the 28th local time.

The announcement said that the gold purchase price will be determined daily based on the London Bullion Market Association morning price.

　　"In recent years, the Russian central bank's gold reserves have grown rapidly. Its huge gold reserves can replace its foreign exchange reserves to a certain extent. It can be said that Russia has rich experience in dealing with Western financial sanctions." Dong Dengxin said.

Data map: Moscow, Russia, the U.S. Embassy in Russia.

Russian stocks suspend trading, European stocks tumble

　　As of press time on the 28th, Russian stock trading was still suspended.

Earlier, the Central Bank of Russia said that on the 28th, stock trading on the Moscow Exchange will not open before 3 pm Moscow time, and the specific opening time will be announced at 1 pm.

　　On the 28th local time, other European stock markets, which were open normally, fell one after another.

As of press time, the UK's FTSE index fell more than 1%, and the French CAC index and Germany's DAX index fell more than 2%.

　　Russian companies listed outside Russia, such as Sberbank, have fallen by nearly 70% as of press time on the 28th; Russian gas company Gazprom has fallen by more than 17%.

　　In order to stabilize the securities market, on the 28th local time, the Central Bank of Russia also announced that it would suspend securities dealers from accepting orders from foreign investors to sell Russian securities, but orders submitted before 7:00 on the 28th Moscow time can still be traded.

　　It is worth mentioning that the Central Bank of Russia issued a statement on the 27th saying that Russia has the necessary resources to maintain financial stability and ensure business operations in the financial sector.

Russia will guarantee the flow of cash and non-cash in rubles of various banks.

The Russian banking system is stable, with sufficient capital and liquidity, and all banks in Russia are currently functioning normally.

　　In addition, the Russian side will use the local version of the Financial Information Transmission System (SPFS) to complete related business.

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