Putin Signs Decree On Financial Stability Measures, Mishustin Sets Up Special Task Force

Russian President Vladimir Putin has signed a decree on measures to restore financial stability as the authorities scramble to introduce damage control measures in response to sweeping Western sanctions.

• The presidential decree bans "the export from the Russian Federation of foreign currency in cash and (or) monetary instruments in foreign currency in an amount exceeding the equivalent of $10,000 and calculated at the official exchange rate of the Central Bank of the Russian Federation, established on the date of export." The rule takes effect on Wednesday.
• "In addition, the president decided to introduce a special procedure for residents to conclude transactions for the issuance of ruble loans, as well as the sale of securities and real estate to foreign persons who are associated with states that have imposed sanctions against Russia," RIA Novosti reported.
• Earlier on Tuesday, Prime Minister Mishustin announced that the government will allocate up to a trillion roubles from the National Wealth Fund for purchases of shares of Russian companies hit by Western sanctions.
• Furthermore, Mishustin has set up a special governmental commission for mitigating the impact of sanctions. The line-up of the commission suggests that the thankless task of propping up the ailing economy has been (expectedly) delegated to the technocratic quarter of the government rather than the securocrats.