The US will allow administrative transactions involving Russia’s central bank, National Wealth Fund, and Ministry of Finance until 12:01 a.m. on 8 November.
The Department of Treasury allowed the extension in an updated Russia-related general license notice posted to its website.
Meanwhile, the Russian central bank highlighted that it would no longer purchase foreign currency on the domestic market from Thursday.
“The Bank of Russia has decided that, from 10 August through 31 December 2023, it will not buy foreign currency in the domestic market,” the central bank said in a statement. “This decision is aimed at reducing volatility in financial markets.”
Until the start of the Russian military operation in Ukraine in February 2022, Moscow used mainly euros and dollars to balance its budget.
However, Russia sought to reduce its dependence on the dollar to limit Washington’s influence, turning instead to the Chinese yuan when foreign exchange purchases restarted this year.
“The Bank of Russia will make a decision on resuming fiscal rule-based foreign currency purchases in the domestic market depending on the actual situation in financial markets,” the bank said.
