Vladimir Putin has announced a ban on foreign exchange loans and transfers by Russian residents to the outside of the nation, the Kremlin told on Monday, in response to economic sanctions put on Moscow by the West.
The Russian president also approved into law a rule for exporting firms to sell 80 per cent of their foreign trade earnings made since 1 January. Earlier today, the U.S. Treasury has prohibited all transactions with the Central Bank of Russia and put sanctions on a key Russian sovereign income reserve.
American entities and citizens are restricted from committing transactions with the Central Bank of Russia, the National Wealth Fund of the Russian Federation and the Ministry of Finance of the Russian Federation, the Treasury’s OFAC announced on Monday.
Moreover, British Prime Minister Boris Johnson on Thursday announced that he would intend to cut Russia off from the U.K.’s financial markets as he declared a new set of sanctions in reaction to President Vladimir Putin’s attack on Ukraine.
The sanctions include freezing the assets of all crucial Russian banks, including VTB Bank, the nation’s second-biggest bank, Johnson announced. Britain also schedules to bar Russian firms and the Russian government from lifting money on U.K. markets.
However, not only this last week, on Thursday, Moscow Exchange has suspended trading on all of its markets until further notice.
