Putin demands export payments in rubles
Central bank governor Elvira Nabiullina reportedly tried to resign after invasion but was told to stay
Russian president Vladimir Putin insisted that foreign countries that have imposed sanctions on Russia must now pay for energy imports in rubles today (March 23).
Bank of Russia governor Elvira Nabiullina ordered Russian exporters to use 80% of their foreign exchange earnings to buy rubles on February 28. That move was a response to strict financial sanctions imposed following Putin’s decision to invade Ukraine.
The sanctioning countries froze the large proportion of Russian central bank
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