Following the economic sanctions placed on Russia by the U.S., U.K. and European Union, Russian President Vladimir Putin signed a decree on Tuesday to limit the amount of money people can take out of Russia.
Residents are now banned from taking out more than $10,000 in foreign currency in either cash or "monetary instruments" out of the country.
Russian Prime Minister Mikhail Mishustin announced the ban on Tuesday, and it is scheduled to go into effect on Wednesday.
The sanctions placed by Western nations on Russia after their military invasion of Ukraine have caused their economy to drop, as residents with concerns for their savings accounts were rushing to ATM machines earlier in the week.
Mishustin also said during the government meeting that Russia will temporarily stop foreign investors from selling Russian assets, allowing them to take the proper time needed before making a decision.
"In the current sanction situation foreign entrepreneurs are forced to be guided, not by economic factors, but to make decisions under political pressure," Mishustin said, per Reuters.
"In order to give business a chance to make a considered decision, a presidential order was prepared to impose temporary curbs on exit from Russian assets," Mishustin said.
A handful of major companies have already announced that they will halt investments in Russia, including BP and Shell. Both companies are investors in Rosneft Oil Company, who's stock has dropped 46.16% in the past month.
Earlier this week, Putin issued multiple orders to try and protect the Russian economy. He forced Russian exporters to sell 80% of their revenues in foreign currency. Additionally, Russian residents can no longer provide nonresidents with foreign currency under loan agreements. They are also not allowed to deposit foreign currency into any foreign bank accounts.
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