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Russia bans residents from transferring money abroad

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Russian President Vladimir Putin on Monday banned residents from transferring money abroad as part of measures to prop up the ruble which has plummeted in value as a result of Western sanctions over Russia’s invasion of Ukraine. 

A decree signed by Putin also said that exporters would be required to hold at least 80 percent of revenue in rubles in a move to prop up the Russian economy. 

Besides, Russia has also banned flights from 36 countries in retaliatory move against EU airspace ban, reported Xinhua.

As a response to the ban of European states on Russian air carriers, a restriction has been introduced on the operation of flights by air carriers from 36 countries, according to aviation authorities.

These restrictions will affect airlines from Britain, Germany, Spain, Italy, Canada and Portugal, among others, reported Xinhua.

Also, Russia's nuclear triad was put on high alert on Monday amid negotiations between Kyiv and Moscow in the Gomel region of Belarus.

Russian Defence Minister Sergei Shoigu informed President Vladimir Putin on Monday that the country's nuclear deterrence forces have begun combat duty with reinforced staff, reported Xinhua.

Shoigu informed Putin that "the duty shifts of control units of the strategic rocket forces, the Northern and Pacific fleets, and the long-range aviation command have started to carry out the combat duty with increased capacity," Russia's RIA Novosti news agency cited the ministry as reporting.

Meanwhile, Kremlin on Monday dismissed as "absurd and short-sighted" the personal sanctions slapped on Putin by the US and its Western allies for ordering a full-fledged military offensive against Ukraine.

"He is quite indifferent," Kremlin Spokesman Dmitry Peskov said when asked how Putin takes personal restrictions, adding that the president annually declares all his property.

President Putin has no assets abroad, Russia's state-run TASS news agency quoted his spokesman as saying.

"Speaking about [sanctions] from the viewpoint of solving problems, of course, the very fact of imposing sanctions against the head of the state is absurd, short-sighted," Peskov said.

Russia has about USD 630 billion in reserves - a stockpile of savings - built up from soaring oil and gas prices.

Kremlin spokesperson Peskov said Russia planned to ride out sanctions imposed by Western countries that have sent the rouble tumbling.

"The Western sanctions on Russia are hard, but our country has the necessary potential to compensate [for] the damage," Peskov said.

He said that Putin will be working on "economic questions" and meeting key ministers including the finance minister and central bank governor.

(With inputs from agencies)

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