Russian banks imported $5 billion in foreign cash in December
CNN
Russian ratings agency ACRA estimates that the country's banks imported $5 billion worth of banknotes in foreign currencies in December, up from $2.65 billion a year before, in a pre-emptive step in case of sanctions that create increased demand.
Dollars traditionally dominate such imports which, along with other currencies, many Russians like to hold as a hedge against any drop in the value of the ruble or rise in inflation, both potential outcomes of foreign sanctions.
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