04:28 AM EDT, 06/13/2024 (MT Newswires) -- Moscow Exchange has suspended trading in US dollars and euros after the US Treasury Department expanded sanctions against Russia, forcing traders and businesses to use over-the-counter venues.

Both the exchange and the Russia central bank issued statements on Wednesday to that effect.

"Due to the introduction of restrictive measures by the United States against the Moscow Exchange Group, exchange trading and settlements of deliverable instruments in US dollars and euros are suspended," the Central Bank of the Russian Federation said.

The US Treasury Department on Wednesday announced new sanctions on more than 300 entities and individuals aimed at choking off Russia's access to products and services needed to sustain military production for its war in Ukraine, including dozens of Chinese components suppliers, Reuters reported.

The Moscow Exchange trading halt means banks, companies and investors will no longer be able to trade either currency via a central exchange, which offers advantages in terms of liquidity, clearing and oversight, according to the report.

The central bank said it will use over-the-counter data to set official exchange rates.

"Companies and individuals can continue to buy and sell U.S. dollars and euros through Russian banks. All funds in U.S. dollars and euros in the accounts and deposits of citizens and companies remain safe," it said.

Daily USD/RUB trading volume on the Moscow Exchange has averaged about 1 billion rubles ($11 million), according to LSEG data cited by Reuters, while EUR/RUB trading is about 300 million rubles daily.

USD/RUB was last quoted at 89.1502, while EUR/RUB was at 96.3530, both up less than 0.5%.