Russia Receives $2.3 Billion in Dollar and Euro Bills Despite Export Ban
Despite Western sanctions imposed after Russia’s invasion of Ukraine, Russia has managed to import approximately $2.3 billion in US dollar and euro banknotes.
This suggests that Russia has effectively circumvented these restrictions. While the US and EU banned the export of these currencies, Russia has utilized countries like Turkey and the UAE, which have not imposed sanctions, to facilitate the shipment of these banknotes.
Despite efforts to reduce foreign currency reliance, Russians continue to prefer dollars and euros for transactions and savings. Additionally, Russia has restricted the amount of foreign currency leaving the country to $98 million between February 2022 and the end of 2023.
Clever Robot News Desk 16th August 2024
