Putin bans forex transfers to outside Russia from March 1

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Russian Rouble and U.S. Dollar banknotes are seen in this illustration taken, February 24, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

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MOSCOW, Feb 28 (Reuters) - Russian President Vladimir Putin ordered a ban on foreign exchange loans and transfers by Russian residents to outside of Russia from March 1, the Kremlin said on Monday, in retaliation for economic sanctions imposed on Moscow by the West.

Putin also signed into a law an order for exporting companies to sell 80% of their forex revenues received from Jan 1, 2022, on the market.

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Moscow Newsroom; editing by John Stonestreet

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