Russian residents are no longer allowed to leave the country with more than the equivalent of $10,000 as the Kremlin tries to keep capital inside the country.
The country faced sharp sanctions due to Russia’s invasion of Ukraine.
The rule affects the movement of foreign currency too.
It seems designed to make sure that people attempting to leave Russia as sanctions were slapped on the country don’t take all their hard currency with them.
Long queues are now common at cash machines that still have banknotes as people try to withdraw their holdings.
This is against the backdrop of a rouble that is rapidly losing most of its value in light of the sanctions.
Prices of imported goods are shooting up and people are trying to purchase some items, like new phones before they become unaffordable.
Russian President Vladimir Putin said the rule limiting cash movements was a reaction to “unfriendly” steps taken by the U.S. and other Western countries.
The unfriendly steps included sanctions that had been slapped on multiple Russian banks.
