Sanctions prevent Bank of Russia FX interventions

Governor Elvira Nabiullina says central bank has not been able to support plummeting ruble


Sanctions are preventing the Bank of Russia from deploying its foreign exchange reserves in order to stabilise the falling ruble, governor Elvira Nabiullina acknowledged today (February 28).

“Considering the restrictions on using the gold and foreign currency reserves in dollars and euros, we have not carried out interventions today,” Nabiullina said in a press conference. The central bank carried out FX interventions amounting to $1 billion on February 24 and “in a smaller amount” on February

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