Individuals stroll previous the Central Financial institution headquarters in Moscow, Russia February 11, 2019. REUTERS/Maxim Shemetov/File Photograph

MOSCOW, Feb 27 (Reuters) – Russia’s central financial institution mentioned on Sunday it was quickly easing restrictions on banks’ open international forex positions after the West determined to dam sure Russian banks’ entry to the SWIFT worldwide cost system over the preventing in Ukraine.

The measure, permitting banks affected by “exterior circumstances” to maintain positions above the official limits, will likely be in place till July 1, it mentioned in an announcement.

The central financial institution mentioned that it could proceed to watch adjustments in forex positions “to be able to assure the traditional functioning of the forex and cash markets and the monetary stability of lending establishments”.

Reporting by Elena Fabrichnaya; Writing by Andrei Khalip; Enhancing by David Clarke

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