(Reuters) - Russia is set to introduce a $1 billion monthly cap on the amount of foreign currency residents can buy on the domestic market to settle transactions with exiting foreign firms, according to text published by the Kremlin on Monday.

The cap, issued by President Vladimir Putin, applies to deals approved by the central bank, finance ministry or government commission monitoring foreign investment.

Putin has called for the measure to be introduced by June 1, the Kremlin said.

(Reporting by Reuters; Editing by Chris Reese)