Russia Discusses Return to Capital Controls to Stem Ruble Slump
A pedestrian passes a currency exchange office in Moscow on Aug. 14.
Photographer: Yuri Kadobnov/AFP/Getty Images
Russia may partially reinstate capital controls to stem a slump in the ruble to levels not seen since the start of the war in Ukraine.
The proposal to mandate sales of export revenues was discussed at a meeting between the government and exporters on Monday, before the Bank of Russia announced an emergency rate hike, according to four people familiar with the discussions, who asked not to be named because details are private. Two of the people said that no breakthrough was reached and another meeting may be held later this week.