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25 Mar, 2022 10:12

Russia restricts assets of ‘unfriendly’ states

The move mirrors sanctions placed on the country’s reserves abroad
Russia restricts assets of ‘unfriendly’ states

The Russian Central Bank (Bank of Russia) on Friday imposed restrictions on the movement of funds to countries that introduced economic sanctions against Russia in connection with its military operation in Ukraine.

In response to the partial freezing of Russian reserves, Russia also introduced restrictions on the movement of funds that could be transferred to unfriendly countries, for a comparable amount,” a statement on the website of the Bank of Russia reads.

The regulator explained that it is essentially applying a “mirror measure,” banning the movement of capital, the sale of securities by foreign investors, and their withdrawal of funds from the Russian financial system.

In addition, payments on the corporate debt of Russian companies and government debt to holders from countries that support sanctions against Russia can now only take place with the permission of a government commission.

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