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New US sanctions against Russia may affect currency exchange – Bloomberg
POLITICS
07.12.2021 | 17:27
The U.S. and European allies are weighing sanctions targeting Russia’s biggest banks and the country’s ability to convert rubles for dollars and other foreign currencies should President Vladimir Putin invade Ukraine, according to people familiar with the matter.
The sanctions — including against some of Russia’s largest banks and the Russian Direct Investment Fund — are among the options that President Joe Biden may spell out when he speaks with Putin on Tuesday, according to the people. The U.S. could also restrict the ability of investors to buy Russian debt on the secondary market, they said.
The options were described by two people familiar with the matter who asked not to be identified discussing private deliberations. The most drastic option would be to bar Russia’s access to the Swift financial payments system, but that would wreak havoc on ordinary citizens so officials are more inclined to go after Russia’s ability to convert rubles into dollars, euros or British pounds, the people said.
