Russian ratings agency ACRA estimates that the country's banks imported $5 billion worth of banknotes in foreign currencies in December, up from $2.65 billion a year before.
Dollars traditionally dominate such imports which, along with other currencies, many Russians like to hold as a hedge against any drop in the value of the ruble or rise in inflation, both potential outcomes of foreign sanctions.6 ways the Russia-Ukraine conflict could hurt your walletValery Piven, senior director at ACRA, told Reuters that calculations based on technical reports which banks submit to Russia's central bank each month showed that they had also imported $2.
Correspondent accountsDespite heightened fears of a military conflict in Ukraine, the foreign exchange imports in December are still well short of the $18 billion brought into Russia at the end of 2014, when the ruble was in free-fall after Moscow's annexation of Crimea.Russian denies that it plans to attack Ukraine.
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