Vladimir Putin has ordered a ban on foreign exchange loans and transfers by Russian residents to outside of the country, the Kremlin said on Monday, in retaliation for economic sanctions imposed on Moscow by the West.

The Russian president also signed into law an order for exporting companies to sell 80 per cent of their foreign exchange earnings made since 1 January on the market.

It comes as Foreign secretary Liz Truss said Britain was set to lock Russia’s Sberbank out of sterling clearing and slap sanctions on three other banks. There will be a full asset freeze on Russian lenders within days, she added.

The UK government also advised citizens against all travel to Russia and ordered its ports to ban any vessels that are Russian as it increased pressure on Moscow.

The Russian rouble plunged sharply in early Monday trading and the central bank more than doubled its key rate to 20 per cent in an emergency move after the West imposed further economic sanctions over the weekend.

This included the Western decision to freeze Russia’s hard currency reserves in an unprecedented move that could have devastating consequences for the country’s financial stability.

Katya, a resident from Moscow, told The Independent: “My Russian bank card doesn’t work anymore. Also I wanted to exchange the rubles I had in cash but the exchange rate is so horrible that there’s no point. I can use them for toilet paper now.”

SarkinYarki:
Very good ..it's time we stop feeding the west

SarkinYarki:
Very good ..it's time we stop feeding the west

IamAtikulate:

Story.

Not in retaliation of any sanction, but to protect the weakened economy and stop capital flight.

Sending Ruble abroad (buying dollars) without earning more will further weaken the Ruble.

Putin e-dogs are not intelligent after all.

IamAtikulate:

Story.

Not in retaliation of any sanction, but to protect the weakened economy and stop capital flight.

Sending Ruble abroad (buying dollars) without earning more will further weaken the Ruble.

Putin e-dogs are not intelligent after all.

Mysticwebb:
When he knew they are already banned from doing that through Swift exclusion. Seems this Putin is a tragicomedian. Let him wait until FIFA bans Russia then he will ban his citizens from playing football. Sooner than he expects, his citizens will rise massively against him, then coup will happen.

SarkinYarki:


We are saying the same thing but you are not just intelligent enough to know ...the west keep growing fat capital flight while they hardly blet anything leave their own countries

SarkinYarki:
Very good ..it's time we stop feeding the west