The Bank of Russia announced on Wednesday that it will suspend foreign currency purchases until the end of the year to reduce the volatility in the financial market.
The central bank said in the statement that the regulator will continue conducting currency sales operations linked to the National Welfare Fund on the domestic market, while deferred currency purchases are scheduled for next year. This year, the Russian central bank engaged in limited purchases of foreign currencies to stabilize the ruble.
Earlier today, the Russian currency dropped to its lowest level against the dollar and the euro since March 2022 following Washington's sanctions targeting Gazprombank, Russia's third-largest bank.
