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Russia stops currency movement to foreign accounts

Putin

Russia stops currency movement to foreign accounts

Moscow, Feb 28 (Prensa Latina) Russian President Vladimir Putin signed a decree on special economic measures due to Western sanctions, among which nationals and companies from the country are prohibited to transfer currency to accounts abroad.
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The decree includes that Russian residents cannot grant loans to foreigners in foreign currencies and exporters will have to convert 80 percent of their foreign exchange earnings into roubles from January 1, 2022.

Since March 1, Russian residents cannot transfer funds to foreign accounts, nor pay loans in foreign banks.

Companies will be able to redeem outstanding shares only if certain conditions are met in the country in the period up to December 31, the text said.

In addition, said entities will be obliged to notify the Central Bank that they are going to buy shares.

People can open bank accounts remotely and transfer money between accounts at different banks. The conditions for the sale of foreign currency will be regulated by the Central Bank.

After the Russian president announced a military operation in Ukraine on February 24, the West imposed economic and personal sanctions against the Eurasian nation.

The United States, the United Kingdom, Canada, Japan and European Union countries targeted key sectors of Russia’s trade, finance, energy, exports and aviation.

The measures extend to the head of state himself and to Foreign Minister Sergey Lavrov, establishing the disconnection of some banks from the Swift system, the closure of European airspace and that of other countries for Russian airlines, and the paralysis of the Central Bank’s international reserves.

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