Russian officials have reportedly opted not to impose new controls on buying and selling foreign currency, as officials try and stabilize the plummeting ruble. President Vladimir Putin made the decision on August 16 after meeting with central bank chief Elvira Nabiullina and other government ministers, according to the Vedomosti newspaper and Forbes. The ruble slid below 100 to the U.S. dollar earlier this week, prompting the central bank to sharply hike interest rates. Russia's economy has been battered by Western sanctions imposed in response to the February 2022 invasion of Ukraine.
Reports: Russia Opts Not To Impose Foreign Currency Controls Amid Sliding Ruble
People walk past a currency exchange office in Moscow in February.