Live updates: Russia invades Ukraine

Russia’s Prime Minister Mikhail Mishustin during a video conference meeting on Russia’s economic resilience in Moscow on March 1. (Alexander Astafyev/TASS/Getty Images)

Russian Prime Minister Mikhail Mishustin announced capital control measures to stop an exodus of foreign businesses from the country, Russian state news agencies TASS and RIA reported on Tuesday.

Mishustin said the sanctions imposed on Russia were making foreign investors decide not for economic reasons but because of “political pressure.”

“To enable businesses to make informed decisions, a draft presidential decree has been prepared to introduce temporary restrictions on exiting Russian assets,” he said. “We expect that those who have invested in our country will be able to continue working here.”

“I am sure that the pressure sanctions will eventually subside, and those who will not curtail their projects in our country, succumbing to the slogans of foreign politicians, will win,” the Russian prime minister said.

Mishustin said there would be daily meetings to try and tackle the economic impact of the sanctions.

“It is important to monitor the current situation in real time and promptly work out all the necessary measures,” he said.

Some background: On Monday, the ruble crashed to a record low against the US dollar, the Russian central bank more than doubled interest rates to 20% and the Moscow stock exchange was shuttered for the day. It will stay closed Tuesday, the central bank announced.

The European subsidiary of Russia’s biggest bank was on the brink of collapse as savers rushed to withdraw their deposits. Economists warned that the Russian economy could shrink by 5%

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Andrew Naughtie

News reporter and author at @websalespromo