Russia bans residents from transferring money abroad

Russian President Vladimir Putin. Credit: Reuters Photo

Russian President Vladimir Putin on Monday banned residents from transferring money abroad as part of measures to prop up the ruble which has plummeted in value as a result of Western sanctions over Russia's invasion of Ukraine.

A decree signed by Putin also said that exporters would be required to hold at least 80 percent of revenue in rubles in a move to prop up the Russian economy.

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