EU Bans Import of Euro Banknotes into Russia

The European Union has adopted another economic sanction against Russia.

According to a sanction issued by the Council of Europe, sending/importing euros into Russian territory will b completely banned since March 12. Consequently, in the near future, there will be a "deficit" in the literal sense of the euro in Russia.

According to the information published by the European Union, the ban on the supply of the euro applies to individuals and legal entities, as well as commercial banks, the Ministry of Finance, and the Central Bank of Russia.

The ban will take effect on March 12 and as a result, new euro banknotes will no longer enter the Russian economy.

According to the same sanctions, large Russian banks will be excluded from SWIFT, they are:

1. Bank Otkritie;
2. Novikombank;
3. Promsvyazbank;
4. Rossiya Bank;
5. Sovcombank;
6. VNESHECONOMBANK (VEB);
7. VTB BANK.

The sanctions also ban Russian state broadcasters RT and Sputnik.

At the same time, the exchange rate of the Russian ruble is falling, currently, the value of one dollar is 112 rubles when before the war in Ukraine the exchange rate was 83 rubles.

In addition, capital controls were introduced by the Russian government itself, which restricted the export of foreign currency from Russia.