The Central Bank of Russia plans to ban its citizens from trading on foreign cryptocurrency exchanges that comply with international sanctions.

CoinFeed reported on May 20th, citing Bits.media, that the Central Bank of Russia intends to ban Russian citizens from trading on cryptocurrency exchanges that comply with international sanctions. Ekaterina Lozgacheva, Director of the Strategic Development Department of the Central Bank of Russia, stated that the central bank plans to prohibit Russians from trading on foreign cryptocurrency exchanges that comply with international sanctions. Russians will only be able to trade cryptocurrencies on foreign platforms through Russian brokers, provided that these foreign platforms do not comply with international sanctions. The Central Bank will develop its own standards for foreign platforms that will be permitted for use by Russian brokers and investors. Lozgacheva stated that even trading cryptocurrencies abroad through Russian intermediaries is subject to foreign regulation and carries additional risks. Non-professional investors will be limited to an annual cryptocurrency purchase quota of 300,000 rubles and will only be able to access the most liquid crypto assets through domestic brokers.