Western sanctions on Russian banks have led to increased volatility in the foreign exchange market, but this is a short-term factor for the ruble exchange rate. This was reported by Bank of Russia In Financial Stability Review.
The review notes that the sanctions also require businesses to “adjust their foreign trade flow service.”
“As previous sanctions have shown, restrictions create infrastructure problems for foreign economic activity, but the dynamics of the exchange rate are determined by fundamental factors,” the regulator said.
21 November USA introduced Sanctions against Russia, including on a number of legal entities, including Gazprombank. At the same time, US citizens were allowed to conduct financial transactions related to the official activities of diplomatic and consular missions of the Russian Federation abroad if the transactions involved the participation of Gazprombank or its affiliates with a participation interest of more than 50 percent.
Russians before warned About rising prices due to new US sanctions.