Putin imposes counter-sanctions against US
Russian President Vladimir Putin signed a decree on the application of economic sanctions against the United States and its allies.
According to the press service of the Kremlin, these measures were taken “in connection with unfriendly actions and in violation of international law by the USA, foreign countries and international organizations that have joined them, and in connection with the introduction of restrictive measures” against Russia “in order to protect national interests.”
From March 1, the decree prohibited foreign exchange operations in favor of non-residents in foreign currency, as well as the transfer of funds without opening a bank account using electronic payment methods provided by foreign payment service providers.
In addition, residents participating in foreign economic activity are obliged to carry out the mandatory sale of foreign currency in the amount of 80% of the amount of currency credited to their accounts in banks licensed on the basis of foreign trade as of January 1, 2022. No later than three working days from the date of entry into force of the decree.
The procedure for selling foreign currency by the exporters is determined by the Central Bank.
