Russia halts currency sales as sovereign default ‘imminent’ Business

Russia has suspended foreign currency sales until September in a scramble to stabilize its economy as ratings agency Fitch has indicated a sovereign default is imminent.

Citizens will not be able to buy foreign currencies in local banks, but they can, however, change them into local rubles.

Between March 9 and September 9, “banks will not be able to sell foreign currency to citizens,” the Russian central bank said in a statement.

Cash withdrawals from foreign currency accounts in Russian banks will be limited to $10,000 until September 9.

Withdrawals from these accounts will only be permitted in dollars, regardless of the currency in which the account is denominated.