(Bloomberg) -- President Vladimir Putin banned all Russian residents from transferring foreign currency abroad, including for foreign debt, part of a package of retaliatory measures for U.S. and European sanctions over his invasion of Ukraine.
The steps, which take effect March 1, also include restrictions on companies buying back their own stock, according to the text of the decree published Monday.
The U.S. and its allies have imposed sweeping sanctions on Russia’s biggest banks, including the central bank, and limits on billionaires and top officials including Putin himself for the invasion of Ukraine. The moves triggered a sharp drop in the ruble and forced the central bank to take emergency steps to stabilize the market.
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