The Bank of Russia was unable to conduct foreign exchange interventions due to new sanctions

The Bank of Russia carried out foreign exchange interventions on February 24 and 25, but was unable to carry out such actions to maintain the national currency on February 28 due to new sanctions that limited the ability of the Central Bank to use gold and foreign exchange reserves. $1 billion and less on Friday. Due to restrictions on the use of gold and foreign exchange reserves in dollars and euros, we did not intervene today, ”said Elvira Nabiullina, head of the Central Bank (her statements were broadcast on the regulator’s YouTube channel). According to the regulator’s website, on February 24, the volume of interventions in rubles amounted to 84 .8 billion rubles The Central Bank announced the decision to start foreign exchange interventions on February 24, stating the need to stabilize the situation on the financial market against the backdrop of geopolitical aggravation. Western sanctions were imposed after Russia launched a military special operation on the territory of Ukraine on February 24 on the orders of President Vladimir Putin. Read about sanctions against the Central Bank in the publication …