May 24, 2022

The Queens County Citizen

Complete Canadian News World

Sales of foreign currencies in Russia will be suspended until September 9

Sales of foreign currencies in Russia will be suspended until September 9

The sale of foreign currencies in Russia will be suspended until September 9, as Russia’s military intervention in Ukraine suffers from unprecedented Western sanctions, the country’s central bank said in a statement on Wednesday.

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Between March 9 and September 9, 2022, the statement stated that “banks can not sell foreign currency to citizens”, but the Russians during this period “can convert foreign currency into rubles at any time and in any amount.

Withdrawals from foreign currency accounts opened in Russian banks will also be limited to 10,000 US dollars until September 9, while the rest will be withdrawn only in rubles at the current exchange rate, according to the same source. .

Regardless of the currency of the account, withdrawals will only be made in US dollars and only at the cash desk, the statement said, adding that the deadline for any such transaction should be “several days”.

The ruble on Monday broke new historical records of weakness against Western currencies as Russia targeted the central bank and especially the largest Russian banks due to unprecedented Western sanctions.

On Tuesday, the Russian economy suffered a new blow as US President Joe Biden imposed sanctions on US imports of Russian oil and gas.

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