Ukrainian authorities are appealing directly to financial and energy trading exchanges to ban Russia-linked traders from their platforms in a series of letters sent Thursday and Friday.
“This letter is addressed to exchanges, clearing institutions, traders from the EU and the energy community to suspend the access of Russian (and Russian-affiliated) participants of exchange transactions on their exchanges to discontinue their clearing services [over the counter] transactions,” wrote Ukrainian Energy Minister Herman Halushchenko in a Letter. “Energy traders of EU and Energy Community countries…stop cooperation with Russia.”
The call is an attempt to inflict greater financial pain on Moscow given Russia’s heavy reliance on oil and gas revenues and Western governments’ reluctance to impose sanctions on the energy sector.
“The effects of economic sanctions … are already causing the aggressor discomfort, but, unfortunately, their tangible result takes time, which Ukraine may not have,” wrote the Minister of Economy of Ukraine Julia Svyrydenko in a similar letter to the Association of European Energy Exchanges and European Commodity Clearing. “At the same time, Russian traders and companies continue to participate in trading on European exchanges and make bloody monies to fund the war in Ukraine.”
On Friday, the Securities and Exchange Commission of Ukraine expanded on this appeal to “all national regulatory authorities of the securities and capital markets worldwide, all stock, commodity and energy exchanges, clearing houses, trading platforms and other organized and regulated market entities”.
Although oil and gas did not immediately fall under Western sanctions, large parts of the oil industry voluntarily stopped buying Russian oil this week in an unexpectedly wide boycott.
https://www.politico.eu/article/ukraine-urges-energy-and-financial-markets-to-ban-russia-linked-traders/?utm_source=RSS_Feed&utm_medium=RSS&utm_campaign=RSS_Syndication Ukraine urges energy and financial markets to ban Russia-linked traders - POLITICO