Russia’s central bank also abolished a 30% limit on advance payments to nonresidents on import contracts for some services
Moscow — Russia’s central bank will allow banks from designated “unfriendly countries” to trade between foreign currencies on the Russian forex markets, the regulator said on Wednesday.
The bank also abolished a 30% limit on advance payments to nonresidents on import contracts for some services — part of currency controls introduced after Russia sent tens of thousands of troops into Ukraine, triggering a raft of Western sanctions. Russia has pushed its financial sector to move away from the dollar, euro and other currencies of countries that have levied sanctions on Moscow since February 24. Amid falling imports and the restrictions on foreign currency trading and withdrawals, the rouble has surged to multiyear highs. But that has spooked policymakers, who say the strong currency is hurting the country’s industry, and prompted the bank to slash interest rates and gradually lift some restrictions.
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