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The Central Bank and the Ministry of Finance of Russian Federation introduce measures to support the Ruble exchange rate


				02.03.2022
						The Ministry of Finance of Russian Federation announced the mandatory sale of 80% of exporters' revenue from the 28th February. Estimates, this corresponds to about $470-480 billion per year. This step is designed to support the ruble exchange rate.
This is one more emergency measure designated in order to restrict the movement of capital, after the Bank of Russia forbidden foreigners from selling Russian securities. The last restriction does not apply to the deals concluded before the 28th February. Brokers were ordered to send a report to the Regulator on the suspension of operations within five working days from the date of the Central Bank`s order.

According to the Presidential Edict as of 28/02/2022, residents of the Russian Federation are prohibited from carrying out currency transactions in favor of non-residents under loan agreements. Transfer of foreign currency to their accounts in foreign banks are prohibited as well from the 1st March, 2022. The ruling will affect transfers not only to the own bank accounts of residents, but also transfer of money without opening an account.

The new rulings of the Central Bank are introduced after Western countries agreed to apply sanctions against the Bank of Russia itself. They plan to freeze its foreign currency assets abroad and ban any transactions. The head of the European Commission, Ursula von der Leyen, confirmed these plans on the 27th February. According to the head of EU diplomacy Joseph Barrel, about the half of the Central Bank's reserves will be frozen due to these measures, because the reserves are located in the G7 countries.

Sources:
https://minfin.gov.ru/ru/press-center/?id_4=37781-ob_obyazatelnoi_prodazhe_valyutnoi_vyruchki_ekspor...
https://www.cbr.ru/press/pr/?file=28022022_072328SUP_MEAS28022022_072619.html
http://kremlin.ru/events/president/news/67886

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