Russian central bank recommends companies transfer ‘unfriendly’ FX holdings
By Editor - Thu Aug 04, 3:24 am
Russia's central bank on Thursday recommended that the government order state companies to transfer their FX holdings in currencies of countries that have targeted Moscow with sanctions to those of countries that have not. The bank also said it would introduce additional measures aimed at reducing banks' operations in dollars and euros, accelerating a de-dollarisation drive that officials hope can help shield Russia's economy and citizens from some restrictions. Western nations imposed unprecedented sanctions against Russia after it sent tens of thousands of troops into Ukraine on Feb. 24, restrictions that have severely restricted Moscow's access to the international economic and global trading systems.