Putin Bans Russian Residents From Transferring Foreign Currency Abroad

[RAMROD 117,127]

President Vladimir Putin banned all Russian residents from transferring hard currency abroad, including for servicing foreign loan contracts, potentially putting much of the country’s $478 billion in external debt at risk of default. 

The steps, which take effect March 1, are part of a package of retaliatory measures for U.S. and European sanctions over his invasion of Ukraine. They also include restrictions on companies buying back their own stock, according to the text of the decree published Monday. It wasn’t clear if the new rules applied to sovereign debt and if they constituted default.

The Kremlin provided no other immediate explanation and neither the Finance Minister nor the central bank responded to requests for comment.
 

https://www.bloomberg.com/news/articles/2022-02-28/putin-bans-russians-from-servicing-foreign-debt-over-sanctions

[Chic 20,830]

Putin doesn’t care about Russians, he cares about Putin. I struggle to call him compost because it’s actually useful and promotes growth and life. He is lower than the grime in the deepest landfills. The sooner his body is buried in the earth, the better this world will be for it.

Bless Ukraine and bless the Russians who want this psychopath gone.

[moonsago 7,285]

Can somebody explain in basic easy terms what this really means for his people and how it helps him? Idk how money works... 

[AVeryGagaHolyDick 32,024]

Just now, moonsago said:

Can somebody explain in basic easy terms what this really means for his people and how it helps him? Idk how money works... 

this x2

[Guest]

17 minutes ago, moonsago said:

Can somebody explain in basic easy terms what this really means for his people and how it helps him? Idk how money works... 

so if there are loans from other countries. they will have to pay at the rate of conversion which is a lot more Rubles today versus last week. it is a financial problem for the Russians and he is trying to halt that or mitigate it.

[pachinko 10,755]

@Economypls simplify for us! Love you. 

[Dennis 8,391]

Sorry but why aren't russians rising up? Putin is literally ruining their economy. They will pay the price, not him.

This is the time to rise up. And Im talking about HUGE numbers, tens of thousands of demonstrators.

[tylerjs 6,093]

2 minutes ago, Dennis said:

Sorry but why aren't russians rising up? Putin is literally ruining their economy. They will pay the price, not him.

This is the time to rise up. And Im talking about HUGE numbers, tens of thousands of demonstrators.

I’m not versed in the way their government is run, but I’m pretty sure they will receive swift and severe physical punishment for this. If I remember correctly, protests of any kind are highly illegal in Russia and there are of course no laws concerning how the government handles those who violate the law. I’m sure he would love to be able to use lethal force against his own people if they give him reason to. But again, I am not versed in Russian government so I don’t know for sure, but I believe that is the biggest deterrent. Even with thousands in support, it seems to be a very dangerous endeavor.

[Zilla 13,451]

20 minutes ago, AnnaNicoleSmith said:

so if there are loans from other countries. they will have to pay at the rate of conversion which is a lot more Rubles today versus last week. it is a financial problem for the Russians and he is trying to halt that or mitigate it.

This. The ruble is slowly deteriorating because of the sanctions and when they’re taken off of SWIFT, none of these transactions will even take place. He can’t face the hard truth.
 

Putin is just crushing the Russian citizens, none of these sanctions would affect him more than the people. 

[Chic 20,830]

14 minutes ago, Zilla said:

This. The ruble is slowly deteriorating because of the sanctions and when they’re taken off of SWIFT, none of these transactions will even take place. He can’t face the hard truth.
 

Putin is just crushing the Russian citizens, none of these sanctions would affect him more than the people. 

Truly disturbing that he’s willing to sacrifice the lives of the millions of Russian citizens he’s responsible for, simply as a means of boosting his own relevance in the history books.

[Zilla 13,451]

22 minutes ago, Chic said:

Truly disturbing that he’s willing to sacrifice the lives of the millions of Russian citizens he’s responsible for, simply as a means of boosting his own relevance in the history books.

Yeah, he probably stowed away tons of money for himself so he’s fine, but anyone that does business in and out of Russia isn’t fine. Depending on the transaction, money can still be sent (under tons of screening) but if they’re taken off of SWIFT, Russia might as well not even exist on the international banking system. Working in a bank’s wire department without saying any more, has been interesting the past 2 weeks 😂

[SharkmanthaC 115,047]

1 hour ago, Dennis said:

Sorry but why aren't russians rising up? Putin is literally ruining their economy. They will pay the price, not him.

This is the time to rise up. And Im talking about HUGE numbers, tens of thousands of demonstrators.

There are some that are rising up. And from talking to a few members here, it seems some don’t seem phased by what is happening and life is carrying on. It’s hard to know what’s really happening there. I agree that larger numbers would be better, but with the way he’s doing things a lot of people probably fear for their safety. 

[Economy 52,861]

On 2/28/2022 at 11:25 AM, pachinko said:

@Economypls simplify for us! Love you. 

They cant exchange their cash essentially

 

I guess he's trying to reduce the fall of the ruble...

 

It means many debts Russians owe to Foreigners also won't be paid which is how this is a retaliation. He's basically making it hard for people outside of Russia who are owed money by Russians to be paid.