The Central Bank of Russia suspended the sale of foreign currency in the local market for six months on Tuesday to face the sanctions ordered by the main Western powers for the invasion of Ukraine.
“Banks will not be able to sell foreign currency to citizens” between March 9 and September 9, the Russian Central Bank said in a statement.
The monetary authority clarified that citizens will be able to exchange their currencies for rubles during that period. Holders of foreign currency accounts in Russian banks will not be able to withdraw more than $10,000 until September 9.
If they want to withdraw more money, they will have to do it 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 routing of the requested amount to a specific bank branch may take several days,” warned the Central Bank.
The ruble hit its record low on Monday against the dollar. 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.
This Tuesday, the sanctions went to a higher level, when President Joe Biden decreed an embargo on US imports of Russian oil and gas.
Source: Ambito
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