Russia denies plans to introduce capital controls

Staff Writer
Columbus CEO

MOSCOW (AP) — Russia's Central Bank says it isn't planning to put limits on investors' ability to pull money out of the country, a statement meant to assuage market fears that have seen the ruble tumble in recent weeks.

The regulator said in a terse statement Tuesday it's "not considering any restrictions on cross-border capital flows."

This year, investors are expected to withdraw some $100 billion from Russia, compared with $63 billion in 2013, as Russia-West relations have plunged to their lowest point since the Cold War over the Ukrainian crisis.

The United States and the European Union have imposed rounds of crippling sanctions against Moscow, hurting the economy and pushing it to the verge of recession.

The Russian ruble has plummeted and financial markets tumbled as investors sought to pull out money.