Vladimir Putin bans forex transfers out of Russia

Russian residents have been banned from foreign exchange loans and transfers to outside of Russia from March 1 by the country’s president, Vladimir Putin .

This was disclosed on Monday by the Kremlin, in retaliation for economic sanctions imposed on Moscow by the West.

The president also signed into a law an order for exporting companies to sell 80% of their forex revenues received from Jan 1, 2022, on the market.