Russia bans all residents from transferring cash overseas as ruble crashes

Russian President Vladimir Putin banned all residents from transferring cash overseas as a part of measures to prop up the worth of the ruble.

Russian President Vladimir Putin. (Photo: AP/File)

Russia on Monday banned all its residents from transferring cash overseas, the Kremlin was cited as saying by information company AFP.

The measure is seen as a part of an try to prop up the Russian economic system after the worth of the ruble plummeted on account of sanctions imposed by a number of Western nations over Russia’s invasion of Ukraine.

In a decree signed by Putin, the exporters can be required to carry a minimum of 80 per cent of income in rubles, AFP reported.

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Kremlin spokesperson Dmitry Peskov mentioned Russia plans to journey out sanctions imposed by Western international locations, as per a report by Russia’s state-run TASS information company.

It has been reported that Russia has about $630 billion in reserves – a stockpile of financial savings – constructed up from hovering oil and fuel costs.

Meanwhile, the Russian navy on Monday claimed to have full management of Ukraine’s airspace. The US, nonetheless, has denied the declare.

On the opposite hand, Putin, in a cellphone name along with his French President Emmanuel Macron, denounced the US and its allies. Putin reportedly instructed Macron that the “demilitarisation of Ukraine” and “Western recognition of Russian sovereignty over Crimea” are key to ending the preventing.

The Russian and Ukrainian negotiators have returned to Moscow and Kyiv, respectively, to carry consultations earlier than the second spherical of talks.

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