Skip to content

Bank of Russia Reassures on Debt After Putin’s Sanctions Gambit

  • Ban covers foreign-exchange transfers abroad by residents
  • Russia retaliating for sweeping sanctions imposed over Ukraine
Video player cover image
Putin Strikes Back With Sanctions of His Own
Updated on

President Vladimir Putin banned all Russian residents from transferring foreign currency abroad, hardening capital controls as part of a package of retaliatory measures for U.S. and European sanctions over his invasion of Ukraine.

The steps, which take effect March 1, include a ban on payments of hard currency made to foreigners “in connection with loan agreements,” according to the text of the decree published Monday.