Putin allowed banks not to work in the currency of countries that have frozen their assets

The President also allowed the Central Bank to determine the maximum value of the commission of banks for currency transfers in the event of sanctions against them.

President Vladimir Putin signed a decree, one of the clauses of which provides that banks whose funds in foreign currency were frozen abroad can suspend the fulfillment of their obligations to foreign customers in this currency.

In another paragraph of the decree, it is stipulated that in the event of sanctions, companies can open special type D accounts to fulfill their obligations to non-residents on Eurobonds.

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In another paragraph of the decree, the president gave the Central Bank the authority to determine the maximum value of the bank commission for currency transfers in the event of sanctions being imposed against them. Also, the Central Bank will be able to set premiums for risk ratios, taking into account the issuer of the currency. The premiums on such credits and loans will be differentiated depending on the sufficiency of the borrower's foreign currency earnings to fulfill his obligations.

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Western countries have stepped up sanctions pressure on RUSSIA after the start of a special operation in Ukraine. At the end of May, the European Union reported freezing the assets of the Russian Central Bank in the amount of about €23 billion. The United States announced that it had blocked Russian assets for $330 billion, including about $300 billion from the Bank of Russia. The Russian Ministry of Finance estimated the total volume of gold and foreign exchange reserves frozen abroad at the same amount.

The most severe - blocking restrictions (SDN list) - the United States has introduced against many Russian banks. So, the first wave, on February 21 (when Russia recognized the independence of the DPR and LPR), included the defense Promsvyazbank, the state corporation VEB.RF and their subsidiaries. On February 24, with the start of the military operation, similar sanctions were imposed against VTB, Otkritie Bank, Sovcombank, Novikombank. On April 6, Sberbank was on the list.

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Alfa-Bank, Rossiya Bank, SMP-Bank, Transcapitalbank, Investtorgbank, Moscow Industrial Bank, Far Eastern Bank are also under blocking US sanctions.

In addition, the United States banned Russia from servicing its external debt and imposed sanctions against the National Settlement Depository (NSD), after which Russia had problems servicing its obligations. In late June, BLOOMBERG reported that Russia had defaulted on sovereign foreign-currency debt for the first time since 1918. Finance Minister Anton Siluanov spoke about the attempts of the West to organize an artificial default of Russia and noted that Moscow is able to service its debt.

Russia considers Western sanctions illegitimate. Foreign Minister Sergei Lavrov spoke of the actual theft of assets. At the same time, the HEAD of the regulator, Elvira Nabiullina, said that Russia would challenge the freezing of gold and foreign exchange reserves. “We will also prepare lawsuits, we are preparing to present them. Because it is unprecedented on a global scale for the gold and foreign exchange reserves of such a large country to be frozen, ”she argued.