'Russia could reintroduce FX controls'

An emergency 350-basis-point rate hike by the central bank, to 12%, seems to have only slowed the rouble slide

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Russian authorities are discussing bringing back the compulsory sale of foreign currency revenues for exporters, five sources familiar with the matter told Reuters, with one high-level source saying that the change could be made "at any moment".

The need to reintroduce stringent capital controls comes as Russian authorities grapple with a sharply weakening rouble, which tumbled past 100 to the dollar on Monday. An emergency 350-basis-point rate hike by the central bank on Tuesday, to 12%, seems to have only slowed the currency's slide.

Five sources, who asked not to be identified because of the non-public nature of the talks, said authorities were discussing forced conversion of FX revenues by exporters, a measure adopted shortly after Russia sent of troops into Ukraine in February 2022.