Banks were allowed to suspend operations with businesses in foreign currency

Putin allowed banks with frozen funds to suspend operations with businesses in foreign currency

Russian banks, whose funds in foreign currency were frozen abroad, will be able to suspend operations with businesses in these currencies. Such decree signed by President Vladimir Putin.

Banks were allowed to suspend operations with businesses in foreign currency

According to the decree, banks will be able to suspend “until the restrictive measures are lifted, the fulfillment of their obligations under bank account agreements.” Also, Russian credit institutions will be able to transfer to a client the rights of claim under a bank deposit agreement to fulfill their obligations to such a client.

The Kremlin allowed domestic banks to open special D-type ruble accounts. They will be used to fulfill Russian companies’ obligations under Eurobonds to non-residents. Funds will be credited at the rate set by the Central Bank of Russia.

Turkey’s payments for Russian gas will be converted into rubles. Over time, countries may move to trade with full settlement in national currencies.

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