No one can sell off their Russian investments amidst conflict with Ukraine
Feb 28, 2022, 15:34 IST
Russia's central bank says it has ordered brokers to suspend the execution of all orders by foreign legal entities and persons who want to sell off their Russian investments, such as stocks and shares, BBC reported.
The Bank of Russia also said it had yet to decide whether to open the Moscow Exchange, other than the forex and money market, on Monday. The opening time has already been pushed a few times in the last few hours.
It comes as the rouble plunged to a new record low after Western nations announced new sanctions against Russia over its invasion of Ukraine, BBC reported.
Earlier, Russia's central bank appealed for calm amid fears that new financial sanctions could spark a run on its banks - that is, too many people trying to withdraw money, BBC reported.
In a statement, it said: "The Bank of Russia has the necessary resources and tools to maintain financial stability and ensure the operational continuity of the financial sector."
On Saturday, Europe, the US, the UK and Canada announced that the assets of Russia's central bank will be frozen. It has reserves of around $630 bn.
The sanctions against the Bank of Russia would stop it from selling assets overseas to support its own banks and companies, BBC reported.
Europe, the US and its allies have also announced that a number of Russian banks will be removed from Swift, the international payment system which is pivotal for the smooth transaction of money worldwide.
SEE ALSO
As long as Mukesh Ambani is there to rescue, the market doesn't care about Future Retail's financial stress
Indian startups raised around $1 billion a week in January and February
Markets remain worried as energy rich Russia faces harsh sanctions from western countries
Advertisement
The Bank of Russia also said it had yet to decide whether to open the Moscow Exchange, other than the forex and money market, on Monday. The opening time has already been pushed a few times in the last few hours.
It comes as the rouble plunged to a new record low after Western nations announced new sanctions against Russia over its invasion of Ukraine, BBC reported.
Earlier, Russia's central bank appealed for calm amid fears that new financial sanctions could spark a run on its banks - that is, too many people trying to withdraw money, BBC reported.
In a statement, it said: "The Bank of Russia has the necessary resources and tools to maintain financial stability and ensure the operational continuity of the financial sector."
Advertisement
The sanctions against the Bank of Russia would stop it from selling assets overseas to support its own banks and companies, BBC reported.
Europe, the US and its allies have also announced that a number of Russian banks will be removed from Swift, the international payment system which is pivotal for the smooth transaction of money worldwide.
SEE ALSO
As long as Mukesh Ambani is there to rescue, the market doesn't care about Future Retail's financial stress
Indian startups raised around $1 billion a week in January and February
Markets remain worried as energy rich Russia faces harsh sanctions from western countries
Advertisement