Russia, despite sanctions imposed on it on bringing dollars and euros into the country, has still found a way to import these currencies, Reuters reports. Since 2022, about $2.3 billion has entered the country. “Many Russians want to buy foreign currency in cash in order to travel abroad or as a form of storing home savings,” the agency explains.
Cash in dollars and euros worth about $2.3 billion went to Russia from March 2022, i.e. since United States and European Union banned the import of their banknotes into the country, Reuters reported on Monday, citing customs data.
Billions of dollars and euros flowed to Russia despite sanctions
The data proves that Russia has managed to circumvent sanctions banning the import of cash into the country, and that dollars and euros remain a useful tool for trade and travel there.
Dollars and euros were brought into Russia from, among others, the United Arab Emirates and Turkeywhich have not introduced trade sanctions against Russia. In the case of more than half of the cash imported, it is not known from which country it came to Russia.
The data was obtained from a commercial vendor that records and collates the customs information it receives. The information covers the period from March 2022 to December of the previous year.
The most commonly traded currency in Moscow is now the Chinese yuan, but Dmitry Polevoi, chief investment officer of asset manager Astra Asset Management, told Reuters that many Russians want to buy foreign currency in cash to travel abroad or to store household savings. “For individuals, the dollar is still a reliable currency,” he said.
– Although the US and its allies have understood the importance of working together to achieve maximum effectiveness of sanctions, Russia is learning to avoid them and weaken them – said Daniel Pickard, head of the international trade department at the American company Buchanan Ingersoll & Rooney.
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