MOSCOW, July 10 (Reuters) - The Russian rouble weakened

against the dollar on Wednesday after the central bank said that

currency trade, carried out over the counter following sanctions

imposed on Russia's main stock exchange in June, has stabilised.

By 0730 GMT, the rouble was 1.05% weaker at 87.50

against the dollar.

Sanctions on the Moscow Exchange and its clearing

agent, the National Clearing Centre (NCC), led to increased

volatility and wider spreads after trading shifted to the

over-the-counter (OTC) market on June 14, obscuring access to

reliable pricing for the Russian currency.

In its financial markets risk report published on Tuesday,

the central bank said the situation in currency markets has

"significantly normalised," noting sales of foreign currency by

exporters remained strong, amounting to $14.6 billion in June,

only 2% less than in the previous month.

The regulator said the transition to a new exchange rate

formation mechanism, where the official rouble exchange rate is

set by the central bank based on rates in the OTC market, had

only a "minimal, short-term impact."

Against the yuan, which had already become the most traded

foreign currency in Moscow before the latest sanctions were

imposed, the rouble was flat at 11.95, according to an analysis

of the OTC market.

In its report, the central bank noted rising yuan trade

volumes as a result of the sanctions. It said that yuan trade at

the Moscow Exchange hit a record 509 billion roubles ($5.82

billion) on June 19, five days after the sanctions were imposed,

with the yuan accounting for 99.6% of all exchange trade

volumes.

The rouble was down 1.8% to 95.23 against the euro

.

Brent crude oil, a global benchmark for Russia's

main export, was down 0.6% at $84.1 a barrel.

($1 = 87.4000 roubles)