Russian citizens and firms doing business abroad may soon be restricted in the amount of foreign currency they are allowed to acquire, on order from Vladimir Putin. Russia’s head of state now wants his government to cap such purchases on the domestic forex market.
President Putin Orders Russian Authorities to Limit Foreign Currency Purchases
Russian President Vladimir Putin has tasked the federal government and the central bank in Moscow to introduce a $1 billion monthly limit on the purchase of foreign currency meant to be used in transactions with entities and individuals in other countries.
According to an announcement by the Kremlin, the restrictions will apply to Russian residents buying other nations’ currencies in the domestic foreign exchange market for transfers abroad within government-approved settlements, the RIA Novosti news agency reported.
The order is part of instructions issued after a meeting on economic matters held on April 11 but published only last week. The
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