February 25, 2024

With no indications of the Russia-Ukraine crisis coming to an end, businesses and institutions in Russia are facing tremendous economic isolation. Recently, FESE (Federation of European Securities Exchanges) has joined the bandwagon of associations to exclude Russia’s financial institutions from their organization. According to a recent report, the Moscow Exchange is no longer a member of FESE after being removed by the institution.

Moscow Exchange Removed From FESE

“FESE categorically opposes Russia’s assault on Ukraine. Our thoughts and steadfast support are with the people of Ukraine,” the corporation said in a recent statement.

“In view of the recent activities of Russia in the sovereign country of Ukraine, the FESE Committee has proposed that the General Assembly makes a vote to expel the Moscow Exchange out of the organization, thus depriving its member status.”

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FESE is a trade group representing European exchange operators and other market areas such as commodity exchange, derivatives markets, energy, and stock exchanges. The total members in the organization are 18 and represent 36 exchanges from over 30 nations part of the EU (European Union) and Switzerland, Norway, the United Kingdom, and Iceland.

The decision of the exchange body came after several of its members, such as Deutsche Boerse, had already decided to stop trading and settling Russian securities. Furthermore, the Russian Member that is part of EACH (European Association of CCP Clearing Houses), CCP NCC was suspended by the corporation.

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On the 9th of March, ECSDA (European Central Securities Depository Association) will vote on whether or not to terminate its Russian participants.

More Sanctions

Following Russia’s invasion of Ukraine days ago, the Russian stock exchange market plummeted. First, the central bank of Russia took action by restricting trades on its Moscow Exchange on the 28th of February, only to shut down operations during the week. According to Bloomberg, this is the most extended stock exchange closure since 1998.

“It’s essentially the closure of the financial market of Russia that we’ve been accustomed to,” said Leonardo Pellandini, an analyst at Bank Julius Baer. “It just appears to be turning into a market no one can invest in, especially for foreigners as there are so many unknown variables.”

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Meanwhile, economic sanctions continue to be imposed on Russia by Western countries. They banned monetary institutions and organizations and confiscated the assets of various Russian officials, bureaucrats, and billionaires. Also, the EU has barred seven Russian commercial banks from using SWIFT, thus shutting them off from the global financial messaging system. The sanctions keep coming every time Russia removes its troops from Ukraine, but its government appears unmoved by the situation.

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