Russian Central Bank Halts Currency Buying Until 2025 as Ruble Slides

Russia’s Central Bank said Wednesday it will suspend buying foreign currency on the domestic market for the rest of 2024 as the ruble continued sliding to its lowest levels since Russia invaded Ukraine in 2022. The decision to halt foreign currency purchases from Thursday until Dec. 31 seeks to “reduce volatility in the financial markets,” the Russian regulator said. “The deferred purchases will be carried out during the course of 2025,” Russia’s Central Bank said in a statement.