shine india monthly magazine Published this article page no 11 Asian Infrastructure Investment Bank (AIIB) has put all activities relating to Russia and Belarus on hold and under review in the wake of the current conflict in Ukraine. The AIIB referred to the situation as war in Ukraine the closest to invasion that any Chinese governmentaffiliated institution has until now described the situation in the east European country. Impact of such sanctions After years of life in a growing globally connected economy Russians find themselves in a country increasingly unplugged from the world. Following President Vladimir Putins invasion of Ukraine a sweeping wave of sanctions by the European Union and the U.S. has combined with an exodus of foreign companies and investors leaving Russia more isolated and economically restricted. For several days long lines formed near ATMs around Russia as people rushed to withdraw cash — both foreign currency and rubles — amid fears of a breakdown in electronic banking. The value of the ruble has plummeted to a record low less than 1 cent as many people watched their savings erode. The Kremlin has banned all Russians from transferring foreign currency abroad and ordered exporters to exchange 80% of their foreign currency proceeds for rubles shine india monthly magazine buy.
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