The Russian Federation will set a limit of USD 1 billion per month for the purchase of foreign currency for settlements with non-residents

MOSCOW, May 22 (Reuters) – Russian President Vladimir Putin has ordered a $1 billion monthly cap on foreign currency purchases by Russian residents to settle transactions with foreign firms selling assets in Russia, according to a list of presidential instructions posted on the Kremlin’s website.

The Government and the Central Bank of the Russian Federation were also instructed to establish a list of cases where such a restriction does not apply, if necessary.

The order must be completed by July 1.

Transactions with foreign companies that have decided to leave the Russian market and sell assets in the Russian Federation are concluded with the consent of the government’s foreign investment control commission. (Daria Korsunskaya, text by Gleb Stolyarov)