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Bank of Russia limits foreign currency withdrawals
For the period from March 9 to September 9, 2022, the Central Bank introduces a new procedure for foreign currency withdrawals from citizens’ deposits or accounts. All client funds will be kept safe and accounted for in the deposit currency, however, the client will only be able to withdraw up to $10,000 in cash, while the remaining funds will be available for withdrawals in rubles at the current rate.
The regulator says that the amounts deposited on about 90% of foreign currency accounts in Russian banks do not exceed $10,000 dollars, so the holders of such accounts will be able to receive their money in fill.
Citizens can further keep their funds in foreign currency deposits or accounts. The terms of the deposit or account will not change, and interest on deposits will be accrued as usual, in the currency chosen at account opening.
Russians will also be able to open new foreign currency accounts and deposits, but as long as the temporary procedure for foreign currency cash withdrawals is in effect, the funds can be only withdrawn in rubles at the market rate as of the day of withdrawal.