Russia’s central bank extends restrictions on foreign cash withdrawals for another six months

(no votes)

“Citizens who have failed to take advantage of this opportunity since March 9, 2022, can only withdraw foreign currency cash put onto the account or deposit before March 9, 2022. The rest of the funds can still be received in rubles at the market rate as of the day of withdrawal. Foreign currency withdrawals are made in U.S. dollars or euros, regardless of the currency of deposit or account,” the regulator said in a press release.

Until the same date, restrictions on the purchase of foreign currency remain in force: banks can only sell to citizens euros and dollars received at banks’ cash desks after April 9. Other foreign currencies can be sold without restrictions.

The central bank initially imposed a limit on the withdrawal of euros and dollars on March 9 for the period until September 9. Bank of Russia Governor Elvira Nabiullina explained this by the ban on the import of dollar and euro banknotes into the country imposed as part of the sanctions. She personally believes that the currency restrictions should be lifted. Many banks started to introduce commissions for keeping currency in accounts.

← Previous Next → In section ↑