Wednesday, May 25, 2022

Russia’s Highest Bank Stops Trade With Foreign Currency

The Russian central bank has released new guidelines to curb trade with foreign currency in the wake of Western sanctions after Russia’s invasion of Ukraine.

With the new guidelines, banks in the country will no longer be able to sell foreign cash to Russians.

The package of measures which came into force Wednesday is to remain in effect for six months.

However, cash may only be withdrawn in foreign currency from a foreign exchange account up to $10,000.

For higher amounts, the rest is to be paid out in roubles at the daily exchange rate.

There are no restrictions on exchanging foreign currencies for roubles.

Meanwhile, sanctions imposed over Russia’s war of aggression against Ukraine have caused the rouble to plummet and made it harder for Russia to access foreign currencies.

In addition, the Russian central bank’s reserves totaling more than $600 billion were effectively blocked.

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