Russia has banned citizens from using rubles to buy U.S. dollars or other hard currencies for a period of six months as the currency spirals into a free fall following Moscow’s war with Ukraine. Banks have been prohibited from selling cash to citizens during this period. However, people can exchange any currency for rubles, any time, in any amount. The new rule will be in effect from March 9 to Sept. 9, 2022. It also places a limit of $10,000 on the amount of U.S. dollars that people can withdraw from hard-currency Russian bank accounts. Anyone wishing to withdraw a higher figure will have to accept the amount in rubles, the Bank of Russia, the country’s central bank, said in a March 9 statement. The bank noted that 90 percent of foreign currency accounts in Russian banks do not have balances exceeding $10,000. “Citizens can continue to keep funds in …
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