Russia approved a list of countries whose banks can trade on its foreign exchange and derivatives markets, as it seeks to reduce pressure on the rouble due to capital outflows.
The Russian government said that the list includes 30 friendly and neutral countries from which banks and traders are allowed to trade in the Russian foreign exchange market and the financial market in the country.
The list of countries includes: Azerbaijan, Armenia, Belarus, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, Algeria, Bangladesh, Bahrain, Brazil, Venezuela, Vietnam, Egypt, India, Indonesia, Iran, Qatar, China, Cuba, Malaysia, Morocco, Mongolia, UAE, Oman, Pakistan, Saudi Arabia, Serbia, Thailand, Turkey and South Africa.
The Russian government said in a statement: “The step aims to increase the efficiency for direct transfer of national currencies to friendly and neutral countries and to form direct price offers for the rouble to meet the Russian economy’s demand for payments in the national currency.”
Last summer, Russian President Vladimir Putin signed a law allowing foreign banks and brokers from friendly countries to participate in foreign exchange market trading in Russia within the framework of the signed law, the government was required to adopt a list of these countries.
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