Russia suspends foreign currency sales as sovereign default ‘imminent’

Russia has suspended the sale of international currencies until eventually September in a scramble to continuous its economy, as score company Fitch indicated that a sovereign default is imminent.

Citizens will not be equipped to invest in overseas currencies in neighborhood banks but they will, nevertheless, be capable to alter them into the nearby ruble unit.

Between March 9 and September 9 “the financial institutions will not be able to promote overseas currencies to citizens,” the Russian central bank stated in a assertion.

Dollars withdrawals from overseas currency accounts at Russian banks will be constrained to $10,000 right up until September 9.

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