Measures Against Sanctions from Russia and the Central Bank of Russia

The Central Bank of Russia, which tried to cope with the effects of harsh Western sanctions over the weekend due to Moscow’s invasion of Ukraine, IIt announced a series of measures to support domestic markets.

the Central Bank of Russia, He said that he will continue to buy gold in the domestic market, launch an unlimited buyback auction and ease the restrictions on banks’ open foreign exchange positions. It also increased the variety of securities that could be used as collateral for obtaining loans and ordered market players to reject offers of foreign customers to sell Russian securities.

While the new sanctions are likely to deal a devastating blow to the Russian economy and make it more difficult for Russian banks and companies to access the international financial system, The ruble is down nearly 30 percent against the dollar on Monday morning. dropped to an all-time low.

The Central Bank said it will continue to monitor changes in currency positions “to ensure the normal functioning of money and money markets and the financial stability of lending institutions.”

In various announcements made on Sunday, the Central Bank of Russia announced that it will continue to buy gold in the domestic market as of February 28, while trying to maintain financial stability.

The Central Bank of Russia stated that bank cards work normally and customers’ funds can be accessed at any time. In addition, it was noted that the variety of securities that can be used as collateral to obtain loans from the Central Bank will significantly increase.

The bank also announced that it has temporarily relaxed restrictions on banks’ open FX positions following the sanctions. In the statement, it was stated that the measure, which allows banks suffering from “external conditions” to keep their positions above official limits, will be implemented until 1 July.

The Central Bank of Russia announced that it will continue to monitor changes in currency positions “to ensure the normal functioning of money markets and the financial stability of lending institutions.”

Russia closed its airspace to planes of 36 countries

Russia closed its airspace to aircraft of 36 countries, including Germany and France, in response to European states closing their airspace to Russian aircraft.

In the statement made by the Russian Federal Air Transport Agency (Rosaviatsiya), it was reported that in accordance with the norms of international law, European states responded to the closure of their airspace to Russian planes or the flights of civil planes registered in Russia.

In the statement, which stated that restrictions were imposed on airline companies of 36 countries, the countries whose Russian airspace was closed are listed as follows:

“Austria, Albania, England, Belgium, Bulgaria, British Virgin Islands, Great Britain, Hungary, Germany, Gibraltar, Greece, Denmark, Jersey (including Greenland, Faroe Islands), Jersey, Ireland, Iceland, Spain, Italy, Canada, Cyprus, Latvia , Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Finland, Croatia, Czechia, Sweden, Estonia”

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