On Friday, the United States prohibited the exportation, re-exportation, sale, or supply, directly or indirectly, from the United States, or by a United States person, of US dollar-denominated banknotes to the Russian government or any person located in Russia. The White House is ramping up economic pressure on Russia over the war in Ukraine.

This presents a serious problem for Russia, which is a major oil exporter, as most oil contracts are settled in US currency.

On March 2, the European Union also banned the export and import of euro banknotes to Russia. An exception was made only for individuals arriving in Russia, diplomatic missions, and international organizations with legal immunity.