The ban applies to individuals and legal entities, as well as organizations and Russian public bodies, the government and the Central Bank in particular. Exceptions are personal use by individuals arriving in Russia, as well as by diplomatic missions and international organizations with legal immunity.
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Who is not affected by the ban
Individuals with diplomatic immunity will be allowed to import euro banknotes required to finance work at embassies, consulates or offices of international organizations on the territory of Russia. Non-Russian individuals traveling to Russia can have euro banknotes with them as well.
The Central Bank already has limited capabilities intervening in the foreign exchange market, as the United States, Europe, Britain and Japan froze a part of Russia's gold reserves, which were in electronic form. And the decision to limit cash flow into Russia will cause further dramatic fall of the ruble.
It is expected that seven Russian banks will be cut off from the SWIFT system shortly. However, Ukraine will continue persuading partners to fully cut off Russia from SWIFT.
Diplomatic front
There are two questions Ukraine is on.
There must be a systematic approach to the sanctions. That is why Ukraine calls for further ones.
Depth of penetration of sanctions matters as well. It means not only it is necessary to impose sanctions (cutting Russia off from SWIFT, freezing assets), but also to search for those not appearing on the surface.
Yesterday we analyzed further possible actions. And we dug really deep, believe me. So starting from today we cooperate with partners to make the new sanctions applied penetrate into the heart of the Russian economy and the heart of Putin's regime,
– Kuleba said.
By the way, the price of oil on February 2, 2022 crossed another psychological mark. The price of Brent and WTI raw materials rises amid fears of supply disruptions to global fuel markets.