The measure is necessary to support the ruble, according to the head of VTB, Andrey Kostin The CEO of Russia’s second-largest bank, VTB, has argued that the country must close loopholes that allow unregulated capital outflows. Andrey Kostin claimed that the current situation is damaging the ruble.

The Czech Republic will push for a blanket ban on Russian travelers to the European Union The Czech government will push for an EU-wide ban on Russian travelers during a ministerial summit in late August, the country’s foreign minister, Jan Lipavsky, has said.

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