The measure is meant to support the domestic currency, which has weakened under the pressure of Ukraine-related sanctions.
Russian businesses that trade abroad must sell 80% of their foreign currency earnings and convert them to rubles, the Ministry of Finance said in a statement on Monday. The decision comes in response to sanctions targeting Russia’s financial system over the crisis in Ukraine. It is expected to stabilize the ruble and encourage more investments in Russia instead of moving foreign currency abroad.
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