According to ACRA, Russian banks imported $5 billion in foreign cash in December

Russia's rating agency ACRA estimates that its banks imported $5 billion in foreign currency banknotes in December, up from $2.65 billion a year earlier, as a preemptive measure in case sanctions increase demand.

In addition to storing dollars as insurance against a potential drop in the value of the rouble or inflation, both of which may be triggered by foreign sanctions, many Russians also hold other currencies as a hedge against such events.

In November, ACRA's Valeriy Piven told Reuters that calculations based on reports banks submit to the Russian central bank each month indicated that they imported $2.1 billion in foreign notes.

22 Feb 2022