Bans on the purchase of dollars and euros in Russia: validity period, when canceled

Economist Belyaev believes restrictions on the purchase of dollars and euros in Russia may linger for a long time

Economist Belyaev believes restrictions on the purchase of dollars and euros in Russia may linger for a long time

A photo: Ivan MAKEEV

“Solomka” the head of the Central Bank Elvira Nabiullina posted a week and a half ago:

– We now have no reason to expect that the situation with the inflow of cash foreign currency into the country will change for the better in the near future. Therefore, in September we will be forced to extend the restrictions that we introduced in early March – this is how Nabiullina at a press conference on July 22 “prepared the public” for an unpopular decision.

What did the head of the Central Bank mean? After the start of the special operation, the United States and the European Union banned the supply of cash dollars and euros to Russia. The Central Bank responded to this with a whole series of currency restrictions. First, it was announced that these restrictions would be in effect until September 9th. But on August 1, the Central Bank announced that they would be extended for another six months, until March 9, 2023.

These are the sanctions from the Central Bank that we will have to endure at least until next spring.

– From your foreign currency accounts, you can only withdraw those dollars and euros that were on them before March 9, 2023. If the currency was credited to the account after this date, you can withdraw money only in rubles at the exchange rate.

– You can withdraw from your foreign currency account or deposit a maximum of $10,000 (or the equivalent amount in euros). Everything above is only in rubles at the exchange rate.

– You can buy dollars and euros in banks. But only those that entered the box office after April 9, 2023. That is, they can sell you only the currency that someone else brought to the bank’s cash desk before.

Thus, people were essentially forbidden to manage their own money and freely buy dollars and euros. Gathered abroad? Used to keeping money in different currencies, as all leading economists advise? Your problems.

– We are talking about further de-dollarization of the economy. Apparently, this is a demonstration that all this will last a long time, that history is irreversible, – believes Mikhail Belyaevcandidate of economic sciences, financial analyst.

At the same time, the Central Bank and the Ministry of Finance have been struggling with the task for several months now – the ruble exchange rate has strengthened too much and it would be necessary to lower it a little. And economists tirelessly repeat: allow them to freely buy and sell foreign currency, and the ruble will return to its current exchange rate of 70-80 rubles per dollar.

Although the currency in the country – heaps. Yes, new green papers are not being delivered to us, but Nabiullina herself recently said that the Russians alone have $85 billion in their hands. How much is in the banks then? But we continue to beat our own, so that strangers are afraid.


The Central Bank of Russia extended the restriction on foreign currency withdrawals until March 9, 2023

This restriction was introduced due to anti-Russian sanctions. (more)

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