Russian ruble in free fall, some Belarusian banks no longer accept it

Some banks in Belarus refuse to exchange Russian rubles for the Belarusian ruble or any other currency, while others exchange one Belarusian ruble for 100 Russian rubles, reports the

Russian rubles.
Photo: Moscow-Live / Flickr, CC BY-NC-SA 2.0

After Russia invaded Ukraine and the West imposed sanctions, the Russian ruble began to rapidly lose ground not only in the domestic market but also in Belarus. Belarusian banks put the exchange rate for Russian currency within one Belarusian ruble per 100 Russian rubles. Some exchange offices even stopped buying Russian money.

This was caused not only by the sharp decline in Russian currency but also by the ban on the sale of foreign currency in Russia. Thus, the Belarusian banks are saving their foreign currency savings in case Russians head to Belarus in droves to buy foreign currency.