Nasdaq exchange to stop working with Russian investors from April 29 amid Ukraine crisis

In the wake of the ongoing humanitarian conflict in Europe, Nasdaq Inc. said that its stock exchanges in the United States and Nordic countries will cease to operate with Russian investors. Starting April 29, the company will automatically cancel any active subscription to Nasdaq data, Danish Investment bank Saxo said to its customers. “New subscriptions will not be available from April 29,” the bank said in the letter published on Sunday.

The same was reported by RBC, which said that all customers residing in Russia will not have access to current or pending market data from the Nasdaq exchanges in the United States and Europe if their account does not have a traded position on these sites. For such positions, the client will receive pending quotes until they are closed. However, the restrictions would not affect investments made through Russian brokers. Notably, amidst increasing western sanctions, Putin administration had banned foreigners to sell shares at the Moscow Stock Exchange until April 1.

The Russian economy is facing a major fall due to the ongoing war and its implications including the sanctions imposed on the country by the world. The Russian government has attempted to stabilize the market situation by taking measures like injecting up to $10 billion from its sovereign wealth fund into local stocks. However, such moves fail to reverse the economic decline as the impact of the war has been heavy on the country’s financial side.

Earlier the market had shut after the Russian Ruble fell to a "historic low" against the dollar. Many financial experts had warned that the country was facing an economic recession. Notably, the Russia Ukraine war has affected all major markets in the world including the Indian stock exchanges, which took a steep fall after Putin’s announcement of the attack.

No deadline to pay in Rubles

Late last month, Russian President Vladimir Putin announced that "unfriendly" countries will have to pay in rubles for Russian gas from April 1. Now, Kremlin spokesperson Dmitry Peskov said that except for gas, the specific timing of the transition to ruble payment for other exported Russian goods is yet to be announced. Now, Kremlin spokesperson Dmitry Peskov said that except for gas, the specific timing of the transition to ruble payment for other exported Russian goods is yet to be announced.

(Image: AP/Representative Image)