Putin Bans Russians from Transferring Money Abroad as Western Sanctions Bite HarderYour support matters. Sustain independent journalism in Nigeria – contribute to Legit.ng. Moscow, Russia - President Vladimir Putin on Monday, February 28, banned Russian residents from transferring money outside of the country. The Independent UK reported that the Russian president also ordered a ban on foreign exchange loans in retaliation for economic sanctions imposed on Moscow by the West. Legit.ng gathers that Putin also signed into law an order for exporting companies to sell 80 per cent of their foreign exchange earnings made since 1 January on the market. Recommended for you Finally, Peter Obi's lawyers begin inspection of 2023 presidential election... Bloomberg also reported Putin's directive banning all Russian residents from transferring foreign currency abroad. PAY ATTENTION: Subscribe to Digital Talk newsletter to receive must-know business stories and succeed BIG! The steps, according to the news media, will take effect on Tuesday, March 1. It was gathered that President Putin's move comes as the United Kingdom's foreign secretary Liz Truss said Britain was set to lock Russia’s Sberbank out of sterling clearing and slap sanctions on three other banks. Truss had also announced that there would be a full asset freeze on Russian lenders within days. The UK government also advised citizens against all travel to Russia and ordered its ports to ban any vessels that are Russian. Following Russia's invasion of Ukraine, a good number of western countries have been imposing sanctions on Moscow. Recommended for you "His music is so unique": Singer Simi reacts to Asake’s fabulous performanc... This, according to The Independent UK has affected the Russian rouble, the country's currency, which plunged sharply in early Monday trading. Among others, the West had decided to freeze Russia’s hard currency reserves in what has been described as an unprecedented move that could have devastating consequences for the country’s financial stability. Katya, a resident from Moscow, was quoted to have said: Earlier, Legit.ng reported that Ukrainian President Volodymyr Zelensky's adviser, Mikhaylo Podolyak, said the talks between delegations from Russia and Ukraine had ended. He said the two parties had returned to their capitals for consultations. Podolyak noted that the main goal of the meeting was to discuss ceasefire and the end of combat actions on the Ukrainian territory. He added that the two parties have "determined the topics where certain decisions were mapped out." Source: Legit.ng It appears the sanctions imposed on Russia by western countries over its invasion of Ukraine are beginning to bite harder on Moscow It was gathered that the Russian rouble, the country's currency, plunged sharply in early Monday trading, with a resident comparing the currency with "toilet paper" President Vladimir Putin, in what is described as a retaliatory move, has now banned Russian residents from transferring money abroad Your support matters. Sustain independent journalism in Nigeria – contribute to Legit.ng. Moscow, Russia - Legit.ng Subscribe to Digital Talk newsletter to receive must-know business stories and succeed BIG! Legit.ng “My Russian bank card doesn’t work anymore. Also I wanted to exchange the rubles I had in cash but the exchange rate is so horrible that there’s no point. I can use them for toilet paper now.”