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Putin: Sanctioned Russian banks can halt FX ops

08 August 2022 22:55 (UTC +04:00)

Russian President Vladimir Putin signed a decree on Monday that states sanctioned domestic banks whose foreign currency funds have been frozen by the West will be allowed to halt operations in those currencies, APA reports citing Teletrader.

The newly imposed measures are to be respected until the Western-imposed sanctions on Russian banks are lifted.

Earlier in July, Security Council Deputy Chairman Dmitry Medvedev said that BRICS (Brazil, Russia, India, China, South Africa) might create a new joint reserve currency to replace foreign currencies used in said countries.

Recently, Putin's Economic Advisor Maxim Oreshkin stated that the country will manage without the Society for Worldwide Interbank Financial Telecommunication (SWIFT), after it was excluded from the organization following the Russia-Ukraine war.