Moscow Exchange to ban use of dollars as collateral from Aug. 29

(Reuters) – The Moscow Change will ban using {dollars} as collateral to underwrite transactions, it stated on Monday, as Russia seeks to chop dependence on currencies of countries which have imposed sanctions on it.

A press release posted on the change’s web site stated the brand new coverage would come into impact on Aug. 29. It gave no particulars.

Earlier this month the change – the nation’s largest bourse – stated it could restrict using {dollars} as collateral to 25% from 50%.

Russian authorities have voiced considerations about particular person and company holdings of currencies that it phrases “unfriendly”, calling for his or her conversion into options.

The US and its allies have imposed a number of rounds of sanctions, together with these concentrating on the nation’s largest lenders and Putin, since Russian forces invaded Ukraine in February.

(Reporting by David Ljunggren; Modifying by Jan Harvey)