Moscow: The Central Bank of the Russian Federation (Bank of Russia) says it has temporarily banned brokers from selling securities on behalf of foreign clients starting Monday.
“Beginning February 28, 2022, the Bank of Russia is introducing a temporary ban for brokers on the execution of transactions for the sale of securities on behalf of non-residents”, the central bank said.
It also recommends Russian banks to restructure debt, not to impose penalties and fines on loans if the financial position of the borrower has deteriorated due to Western sanctions.
Earlier on Monday, the European Union published new regulations banning transactions related to the management of Russian Central Bank assets and reserves. As an exception to the new EU ban, such transactions can only be allowed if necessary for financial stability.