Trading activity on the biggest stock exchange in Russia, Moscow Exchange exceeded 1 quadrillion roubles ($14.44 trillion) for the second consecutive year. Shortly after Russia launched tens of thousands of troops into Ukraine and Western sanctions wrecked havoc on Russian markets, some trading on the Moscow Exchange was suspended.
In November, the percentage of trading volume conducted in currencies of so-called friendly nations—those who haven’t imposed sanctions on Russia—rose to 34%.
According to Denisov, “the dollar’s stake in spot transactions has fallen by half, to 42% from 84%.” He continued, “Trading volumes in the Chinese yuan have surged 41 times.”
Due to the lack of direct flights to much of Europe, Russian tourists are increasingly traveling to countries like Egypt and Turkey, which is increasing the demand for conversion services. The demand for Turkish currency from tourists has contributed to this year’s 17-fold increase in turnover in Turkish lira, according to Kirill Pestov, managing director of the exchange’s business development department.