Dukascopy is the latest forex broker to cut off their RUB pairs trading following punishing sanctions that have sent the Russian economy plummeting.
Swiss forex and CFD broker Dukascopy announced that the company has ceased all trading activities for the USD/RUB and EUR/RUB pairs, hence they are no longer accessible to clients. The broker said that due to the technical impossibility of trading the instrument against the Russian Ruble, all positions involved should be terminated immediately.
Any RUB pair positions left open will be closed at the following price levels:
- EUR/RUB long positions at 111.887
- EUR/RUB short positions at 115.3272
- USD/RUB long positions 101.457
- USD/RUB short positions 102.323
The closing levels above are based on prices according to Bloomberg at 10:00 GMT. Dukascopy also said that trading accounts based on RUB will be deleted. Plus, Dukascopy Bank no longer accepts deposits in RUB, so the remaining RUB balance will be converted to another currency.
It’s actually not the first time a forex broker has done this. Previously, there are JustForex, Alpari, and many more that even stopped accepting clients from Russia and Belarus. This is a form of sanctions given following the Russian invasion of Ukraine at the end of February 2022. Until this news was posted, tensions between the two countries are still heating up even after the peace talks took place, unfortunately, without reaching an agreement.