Russia bans all residents from transferring money abroad as ruble crashes

Russia on Monday banned all its residents from transferring money abroad, the Kremlin was cited as saying by news agency AFP.

The measure is seen as part of an attempt to prop up the Russian economy after the value of the ruble plummeted due to sanctions imposed by several Western nations over Russia's invasion of Ukraine.

In a decree signed by Putin, the exporters would be required to hold at least 80 per cent of revenue in rubles, AFP reported.Kremlin spokesperson Dmitry Peskov said Russia plans to ride out sanctions imposed by Western countries, as per a report by Russia's state-run TASS news agency.

It has been reported that Russia has about $630 billion in reserves - a stockpile of savings - built up from soaring oil and gas prices.Meanwhile, the Russian military on Monday claimed to have full control of Ukraine's airspace. The US, however, has denied the claim.

On the other hand, Putin, in a phone call with his French President Emmanuel Macron, denounced the US and its allies. Putin reportedly told Macron that the "demilitarisation of Ukraine" and "Western recognition of Russian sovereignty over Crimea" are key to ending the fighting.

The Russian and Ukrainian negotiators have returned to Moscow and Kyiv, respectively, to hold consultations before the second round of talks.