Russia's Central Bank: currency bans to be introduced under tit-for-tat principle only

Russia's Central Bank: currency bans to be introduced under tit-for-tat principle only

The principle of reciprocity should be the basis when establishing currency bans and restrictions, the Bank of Russia said in its report on Thursday.

"The principle of reciprocity should be relied on when establishing currency bans and restrictions, that is, bans and restrictions should only be introduced in respect of residents of the countries that introduce such measures against the Russian Federation. Any liberalization should be in respect of friendly states. The Bank of Russia can at the same time consider the liberalization option in respect of unfriendly states as a tit-for-tat measure for softening of sanction restrictions, for example, release of assets," the regulator said.

Approaches to currency regulation and control should promote stimulation of the transition to payments in Russian rubles and currencies of friendly states, the Central Bank added.

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