Bank of Russia, the country’s central bank has moved to impose restrictions on the movement of funds to countries that introduced economic sanctions against Russia in connection with its military operation in Ukraine.
RT reported that a statement on the website of the Bank reads; “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.”
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The RT report went on to say that the regulator explained that it was 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.
Investogist was not able to find the statement being referenced on the website of the Bank of Russia at the time of this report.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
