Russia suspends forex sales to September 9: central bank

[MOSCOW] Russia has suspended the sale of foreign currencies until September 9, the central bank said in a statement on Wednesday, amid unprecedented economic sanctions on the country following its offensive in Ukraine.

Between March 9 and September 9 "the banks will not be able to sell foreign currencies to citizens," said the statement, which added that Russians would however be able to change foreign currencies into the local rouble unit during that window.

Customers would be able to exchange any amount of foreign currency for rubles at any time, it added, and cash withdrawals from foreign currency accounts at Russian banks will be limited to US$10,000 until September 9.

Withdrawals on such accounts will only be permitted in dollars irrespective of the currency in which the account is denominated.

It may take "several days" for the banks to supply the necessary amount of foreign currency to the actual office, it added.

The rouble hit an all-time low against Western currencies on Monday after Russia was hit by unprecedented Western sanctions targeting the central bank and major financial institutions.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

On Tuesday, the Russian economy was dealt another blow when US President Joe Biden imposed an embargo on US imports of Russian oil and gas. AFP