Russia’s ruble continues its slide as new curbs restrict access to foreign currency.

Russia’s forex continued its descent on Wednesday as buying and selling within the ruble was restarted on the Moscow Change. However in an effort to stanch the forex’s decline, the Russian central financial institution issued an order additional proscribing entry to U.S. {dollars}.

The Central Financial institution of Russia stated on Wednesday that house owners of foreign-currency accounts in Russian banks will likely be allowed to withdraw solely as much as $10,000 in {dollars} (whatever the forex within the account), and the remainder must be taken out in rubles. New foreign-currency accounts may be opened, however solely rubles will likely be permitted to be withdrawn. The order will likely be in place till Sept. 9, the central financial institution stated. Till then, banks can not promote international forex to Russians both.

The measures appear supposed to curb the power of Russian residents to transform their rubles into {dollars} or different currencies, because the central financial institution tries to help the nationwide forex, which is quickly shedding its buying energy.

Russia’s ruble has misplaced about 40 p.c of its worth towards the U.S. greenback this yr as Western leaders have moved to isolate the nation from the worldwide financial system with sanctions in response to its invasion of Ukraine. These strikes, which embody the freezing of Russian central financial institution property which might be held in the US, will make it tougher for the nation to prop up its forex.

Since forex buying and selling on the Moscow Change was halted on Friday, the US and Britain stated they’d cease importing Russian oil, whereas the European Union laid out a plan to cut back its dependency on Russian power, and Fitch Scores stated a default on Russia’s sovereign debt was “imminent.”

“The additional ratcheting up of sanctions, and proposals that would restrict commerce in power, enhance the likelihood of a coverage response by Russia that features at the very least selective nonpayment of its sovereign debt obligations,” Fitch Scores stated on Tuesday.

The ruble was buying and selling at 117 to the U.S. greenback in Russia on Wednesday, after closing at 105 rubles to the U.S. greenback on Friday. Buying and selling in rubles in world forex markets, which was very restricted, priced the ruble at about 139 to the U.S. greenback.

Buying and selling on the Moscow inventory market continues to be halted, the central financial institution stated. It final traded on Feb. 25.