Putin allowed large foreign currency debts to creditors from “unfriendly” countries to be paid in rubles

Russian President Vladimir Putin signed a decree allowing Russian debtors to pay large debts to creditors from "unfriendly" countries in rubles.

We are talking about debts, payments on which exceed 10 million rubles per month or the currency equivalent of this amount at the official exchange rate of the Central Bank on the 1st day of each month.

The list of unfriendly countries should be established by the Russian government within two days.

• After the start of the war in Ukraine, Western countries imposed tough sanctions against Russia, including against the Central Bank and major banks; The European Union also banned the import of euros into Russia.
• The exchange rates against the ruble rose to historical highs after the start of the war. The authorities of the Russian Federation limited the withdrawal of cash and non-cash currency abroad, obliged exporters to sell 80% of foreign exchange earnings and introduced a high (first 30%, then 12%) commission when individuals buy currency on the stock exchange.