Russia suspends foreign currency sales as ruble crashes amid economic fallout over Ukraine invasion
The new measures are some of the strictest since the Soviet times
By Bradford Betz
Russia’s central bank, faced with unprecedented sanctions and a plummeting ruble, said Wednesday it was suspending the sale of foreign currencies through September. Between March 9 and September 9, Russian banks "will not be able to sell foreign currencies to citizens," the central bank said in a statement, adding that it will be possible to exchange cash currency for rubles at any time and any amount.
During that window, cash withdrawals from foreign currency accounts at Russian banks will be limited to $10,000. Any withdrawals above that amount would be converted to rubles at the current exchange rates. The bank said clients of all banks can still receive funds from their foreign currency deposits or accounts, but noted that it may take "several days" to bring the required amount of cash to a particular branch.
These new measures, some of the strictest financial controls enacted in Russia since the Soviet era, come amid economic fallout over Russian President Vladimir Putin’s invasion of Ukraine. The United States and its allies have imposed crippling sanctions on Russia’s economy while many businesses, ranging from tech, to finance, to oil, have ceased operations in the country.
more............... https://www.foxbusiness.com/markets/russia-suspends-foreign-currency-sales-ruble-ukraine-invasion
The new measures are some of the strictest since the Soviet times
By Bradford Betz
Russia’s central bank, faced with unprecedented sanctions and a plummeting ruble, said Wednesday it was suspending the sale of foreign currencies through September. Between March 9 and September 9, Russian banks "will not be able to sell foreign currencies to citizens," the central bank said in a statement, adding that it will be possible to exchange cash currency for rubles at any time and any amount.
During that window, cash withdrawals from foreign currency accounts at Russian banks will be limited to $10,000. Any withdrawals above that amount would be converted to rubles at the current exchange rates. The bank said clients of all banks can still receive funds from their foreign currency deposits or accounts, but noted that it may take "several days" to bring the required amount of cash to a particular branch.
These new measures, some of the strictest financial controls enacted in Russia since the Soviet era, come amid economic fallout over Russian President Vladimir Putin’s invasion of Ukraine. The United States and its allies have imposed crippling sanctions on Russia’s economy while many businesses, ranging from tech, to finance, to oil, have ceased operations in the country.
more............... https://www.foxbusiness.com/markets/russia-suspends-foreign-currency-sales-ruble-ukraine-invasion
