Tuesday. 28.05.2024

Russian residents are no longer allowed to leave the country with more than the equivalent of $10,000 as the Kremlin tries to keep capital inside the country, which faces sharp sanctions due to Russia's invasion of Ukraine.

The rule affects movement of foreign currency too and seems designed to make sure that people attempting to leave Russia as sanctions are slapped on the country don't take all of their hard currency with them.

Long queues are now common at cash machines that still have bank notes as people try to withdraw their holdings, against the backdrop of a rouble that is rapidly losing most of its value in light of the sanctions.

Prices shooting up

Prices of imported goods are shooting up and people are trying to purchase some items, like new phones, before they become unaffordable.

Russian President Vladimir Putin says the rule limiting cash movements is a reaction to "unfriendly" steps taken by the US and other Western countries, which include sanctions that have been slapped on multiple Russian banks.

People leaving Russia limited to carrying $10,000 as sanctions bite