On Wednesday, March 9, trading on the Moscow Exchange is accompanied by sharp fluctuations in exchange rates.

In the first half of the day, the dollar rose by more than 15% to 120.83 rubles, and the euro by 10% to 131 rubles.

The achieved values ​​were the highest for the entire period of observation.

However, after that, the figures dropped to 117 and 126 rubles, respectively.

Market participants reacted negatively to the new US sanctions against Moscow.

So, on the evening of March 8, United States President Joe Biden announced a ban on the import of Russian oil and other energy resources.

Although, as experts believe, new restrictions will hit the US economy to a greater extent, Russia may also face temporary difficulties.

“Of course, we can redirect part of the oil previously supplied to the States to alternative markets.

However, solving such logistical problems will take time.

Therefore, such news leads to a certain panic in the global raw materials market, which also puts pressure on the ruble, ”Sergey Suverov, investment strategist at Arikacapital, explained to RT.

Recall that on February 21, Vladimir Putin announced the recognition of the independence of the DNR and LNR, and on the 24th he announced the start of a military special operation to protect the republics of Donbass from aggression from Ukraine.

In response, the European Union, the United States and a number of other states began to impose anti-Russian restrictions.

The restrictions affected the companies and banks of the country, and seven credit institutions were disconnected from the SWIFT international financial messaging system.

The sanctions also affected the aviation industry and the supply of high-tech products to Russia.

At the same time, Europe stopped the certification of the Nord Stream 2 gas pipeline, and many Western companies announced their withdrawal from the Russian Federation.

The actions of the West provoked an emotional reaction of the Russian financial market.

To support the ruble, the Bank of Russia initially began to sell foreign currency from its reserves, but after that, Western countries announced the blocking of the Central Bank's gold and foreign exchange reserves.

According to experts, the freeze may affect only half of the Central Bank's reserves.

Nevertheless, the regulator nevertheless decided to suspend foreign exchange interventions and use other measures to stabilize the situation on the financial market.

“The Central Bank has already taken a number of emergency steps.

The regulator raised the key rate to 20% per annum, prohibited foreigners from selling Russian securities, introduced a 12% commission on transactions for the purchase of foreign currency on the stock exchange for individuals, and also limited the withdrawal of capital abroad.

At the same time, exporters were obliged to sell 80% of their foreign exchange earnings, ”Finam FG analyst Alexander Potavin told RT.

Under the new rules

In addition, on March 9, the Bank of Russia introduced a temporary procedure for operations with cash currency in the country.

The new rules are expected to be in effect until September 9th.

“All client funds on foreign currency accounts or deposits are saved and accounted for in the deposit currency, the client can withdraw up to $10,000 in cash, and the rest of the funds in rubles at the market rate on the day of issue,” the Central Bank said in a statement.

As noted in the Central Bank, today about 90% of foreign currency accounts in Russian banks do not exceed $10,000. Thus, the majority of deposit holders will be able to fully receive their funds in cash, the regulator clarified.

“Such actions by the Central Bank are also needed to stabilize the situation on the foreign exchange market.

In connection with the sanctions, there is now a shortage of cash foreign currency.

This state of affairs leads to an increase in speculative sentiment, which has a negative impact on the ruble.

At the same time, it is necessary to understand that all these measures are temporary and the Central Bank, if the situation improves, may cancel these rules until September 9, ”Sergey Suverov believes.

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During the period of the temporary order, banks will issue currency only in US dollars, regardless of the currency of the account itself.

Credit organizations will convert other currencies into dollars at the market rate on the day of issue.

Clients, in turn, will be able to receive currency at the bank's cash desk.

“The issuance of currency only in dollars is due to recent sanctions from the European Union, which banned the export of euros to Russia.

Since the second most popular currency among Russians was the euro, there are quite a lot of deposits in the European currency now.

Against the backdrop of the actions of the EU in Russia, there is already a shortage of this type of currency, so converting them into dollars is a logical decision that will allow you to save foreign currency savings of citizens, ”Suverov explained.

The Central Bank emphasized that citizens can continue to keep funds in foreign currency deposits or accounts.

At the same time, the conditions for the deposit or account do not change, and interest will be accrued, as usual, in the currency in which the deposit was opened.

Moreover, Russians will still be able to open new foreign currency accounts and deposits, but so far it will be possible to withdraw money from them only in rubles at the market rate on the day of issuance.

Clients of all banks, without exception, will be able to receive funds, the Central Bank said.

Also, during the entire period of validity of the temporary order, banks will not sell cash to citizens.

Meanwhile, it will be possible to exchange cash currency for rubles at any time and in any volume, the Central Bank added.

“The ban on the sale of cash currency to citizens may create certain inconveniences for Russians planning trips abroad in the near future.

However, if they travel to countries where MIR cards are accepted, then there should be no problems with settlements, ”said Sergey Suverov.

Golden time

As part of the fight against speculation in the foreign exchange market, the Russian authorities have also canceled VAT on investments in precious metals.

The relevant law was signed by President Vladimir Putin on Wednesday.

Earlier, Prime Minister Mikhail Mishustin announced the effectiveness of such a measure.

“When purchasing a gold bar from a bank, it will not be necessary to pay a value added tax of 20%, as it is now provided for by the current legislation.

Such investments can be a good alternative to buying foreign currency,” the head of the Cabinet noted.

According to Alexander Potavin, taking into account the actions of the state in the coming weeks, the rush demand for currency from the population will begin to weaken.

At the same time, a full-fledged launch of peace talks between Russia and Ukraine can provide additional support to the ruble, the analyst believes.

At the same time, experts do not rule out that fluctuations in the foreign exchange market may continue for the time being.

“At the moment it is difficult to give accurate forecasts on exchange rates.

Much will depend on the further sanctions rhetoric of the West and the course of the special operation.

I think that in the near future the dollar exchange rate may stabilize at the level of 120-130 rubles,” Sergey Suverov concluded.