Russian President Vladimir Putin has banned the transfer of foreign currency abroad and ordered companies with economic activities outside the country to convert 80% of their revenues into rubles, according to a decree signed on Monday (28) by the president to defend Russia from Western sanctions.
“As of February 28, residents engaged in economic activities abroad will be required to make a mandatory sale of foreign currency in the amount of 80% of the total foreign currency credited to their accounts as part of foreign trade contracts with non-residents. “, says the decree.
The text also prohibits as of Tuesday “foreign exchange transactions related to the supply of foreign currency by residents to non-residents” and the transfer of foreign currency to accounts opened with banks and other financial market organizations outside Russia.
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