Russia has suspended foreign currency sales for six months, the Central Bank (BC) announced, as the country faces an arsenal of Western sanctions over the invasion of Ukraine.
“Banks will not be able to sell foreign currency to citizens” between March 9 and September 9, indicated the BC Russian in a statement, adding that citizens will instead be able to exchange their currency for rubles during that period.
Holders of foreign currency accounts in Russian banks will not be able to withdraw more than US$10,000 until September 9. If they want to withdraw more money, they will have to do so in rubles, at the official rate of the day, in accordance with the new provisions.
The delivery of the required amount of dollars will also not be immediate, since “The forwarding of the requested sum to a specific bank branch may take several days”warned the BC.
The ruble hit its all-time low against the dollar on Monday. The Russian economy is hit by the sanctions imposed after the invasion of Ukraine on February 24, directed primarily against the Central Bank and the main Russian banks.
On Tuesday, the sanctions moved to a higher level, when President Joe Biden decreed an embargo on US imports of Russian oil and gas.
Source: Gestion
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