Russia Blows Hot, Stops Residents From Sending Money Abroad

The government of Russia has  banned foreign exchange loans and transfers by Russian residents.

The government announced it’s decision on Monday which is in response to economic sanctions imposed on Moscow by the West.

The Russian president also signed into law a bill ordering all exporting companies to sell 80 per cent of their foreign exchange earnings made since 1 January on the market.

This new move is coming after Foreign secretary Liz Truss announced that Britain was set to lock Russia’s Sberbank out of sterling clearing and slap sanctions on three other banks.

The UK government has also advised residents against travelling to Russia and ordered its ports to ban any vessels that are Russian as it increased pressure on Moscow.

In other news, world football governing body, FIFA and it’s European counterpart, UEFA have announced the suspension of Russia from international football.

This was made known in a joint statement on Monday by Fifa and Uefa.

The statement reads: “Following the initial decisions adopted by the FIFA Council and the UEFA Executive Committee, which envisaged the adoption of additional measures, FIFA and UEFA have today decided together that all Russian teams, whether national representative teams or club teams, shall be suspended from participation in both FIFA and UEFA competitions until further notice.

“These decisions were adopted today by the Bureau of the FIFA Council and the Executive Committee of UEFA, respectively the highest decision-making bodies of both institutions on such urgent matters. Read more