MOSCOW: The Moscow Exchange will ban the use of dollars as collateral to underwrite transactions, it said on Monday, as Russia seeks to cut dependence on currencies of nations that have imposed sanctions on it.

A statement posted on the exchange’s website said the new policy would come into effect on Aug. 29. It gave no details.

Earlier this month the exchange — the country’s largest bourse — said it would limit the use of dollars as collateral to 25 percent from 50 percent.