The sale of foreign currency is suspended on Russia September 9, the country’s central bank, hit by unprecedented Western sanctions over Russian military invasion of Ukraine.
Between March 9 and September 9, 2022, “banks will not be able to sell foreign currency to citizens,” the central bank said in a statement, adding that Russians would be able to exchange foreign currency for rubles during that period. “Regardless of time and amount”.
The disbursement of cash from foreign currency accounts in Russian banks will be limited to $ 10,000 by September 9; the remaining amount can only be withdrawn in rubles at the current exchange rate, according to the same source.
Regardless of the currency in which any account is opened, withdrawals can only be made in dollars and only at the checkout, according to the central bank, which also emphasizes that any such transaction will take “several days” to complete.
The ruble fell to a new all-time low against foreign currencies on Monday as Russia was hit by unprecedented Western sanctions, which have targeted Russia’s central credit institution and most of Russia’s major banks.
On Tuesday, the Russian economy suffered another blow, with the embargo announced by US President Joe Biden on the import of Russian oil and gas to the US, while the same was announced by the Prime Minister of the United Kingdom, Boris Johnson.
Source: News Beast
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