President Vladimir Putin banned all Russian residents from transferring foreign currency abroad, hardening capital controls as part of a package of retaliatory measures for U.S. and European sanctions over his invasion of Ukraine.
The steps, which take effect March 1, include a ban on payments of hard currency made to foreigners "in connection with loan agreements," according to the text of the decree published Monday.
The central bank later issued a clarification, saying the ban "only covers new loans and not servicing of existing debt." Some investors and economists had said the phrasing could amount to a default.
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