BEIJING, February 28 (TMTPOST) — Two major American stock markets, Nasdaq and New York Stock Exchange (NYSE) have temporarily halted the trading of the stocks of Russia-based companies listed on their market, according to open information on their official site.

The temporary trading suspension came due to the economic sanctions against Russia that banned Russian companies from raising money in U.S. capital markets, people familiar with the matter said. 

The suspension of trading is only temporary and NYSE and Nasdaq’s regulatory teams will be studying the impact of the newly imposed sanctions on the stock market, the Wall Street Journal reported, citing sources familiar with the matter.

Cian PLC (CIAN.N), Mechel PAO and Mobile TeleSystems PAO are among the Russian stocks listed on NYSE that got halted.

Russian stocks had plummeted before the temporary halt of trading.

On February 24, 2022, Russia initiated a large-scale of military operation in Ukraine. Russia officially recognized the Donetsk and Luhansk People’s Republics, two self-proclaimed states controlled by pro-Russian forces in the Donbas. Russia’s Federation Council then authorized Putin to use military forces outside of Russia and send troops into the breakaway territories. Putin announced a “special military operation” at 5:00 am on February 24 in eastern Ukraine and launched missiles to hit several military bases in Ukraine, including those in the capital city Kyiv. Besides launching air raids, Russia also sent ground troops to Ukraine.

Russia’s special military operation was opposed by the United States-led NATO (the North Atlantic Treaty Organization). However, none of the countries sent military troops to Ukraine to fight Russian troops. A wide range of crippling economic and financial sanctions were imposed. The United States, European Union, the UK and Canada released a joint announcement on February 26 that Russia will be denied access to SWIFT, an interbank financial telecommunication system that most banks around the world use to complete interbank transactions.