Putin Bans Residents from Transferring Money Abroad

Russian President Vladimir Putin banned, on Monday, residents from transferring money abroad.

The ban comes as a part of measures to prop up the ruble which has plummeted in value as a result of Western sanctions over the Russian invasion of Ukraine.

Putin also signed a decree which indicates that exporters would be required to hold at least 80 percent of revenue in rubles in a move to prop up the Russian economy.

On the other hand, the International Olympic Committee stripped Putin of the Olympic Order award in response to the invasion of Ukraine.

"The IOC EB (executive board) has, based on the exceptional circumstances of the situation and considering the extremely grave violation of the Olympic Truce and other violations of the Olympic Charter by the Russian government in the past, taken the decision to withdraw the Olympic Order from all persons who currently have an important function in the government of the Russian Federation," the statement read.

Russia launched its invasion on Ukraine by land, air and sea Thursday morning following a declaration of war by Putin. Thousands of citizens fled as explosions and gunfire rocked major cities, and dozens were killed, according to reports.