Russian companies and citizens were barred from trading in foreign currencies

Following the imposition of sanctions against Russia, the Russian president banned his citizens from trading in foreign currencies abroad.

Russian President Vladimir Putin has signed a decree banning Russian companies and citizens from depositing foreign currency in bank accounts abroad.

According to a statement issued by the Kremlin office, under the new decree, companies engaged in foreign trade are forced to sell 80% of their foreign exchange earnings to authorized banks.

According to the decree, Russian citizens are also prohibited from lending and depositing currency in bank accounts outside Russia.

The decree was signed by the Russian president at a time when NATO member states were imposing tough sanctions on Russia as a result of Moscow’s military operation against Ukraine.