Central Bank of Russia extended restrictions on the withdrawal of cash foreign currency for six months – until March 9, 2023, said regulator on Monday, August 1st. Russians have the right to withdraw in foreign currency only money received on an account or deposit before March 9, 2022, the rest of the funds can be received in rubles at the market rate on the day of withdrawal, the Central Bank indicated.
The current restrictions allow withdrawing from a deposit or foreign currency account no more than 10 thousand US dollars or a similar amount in euros. “The Bank of Russia is forced to maintain these and other restrictions on cash in connection with the sanctions in force against Russia, which prohibit Russian financial institutions from acquiring cash in Western countries,” the regulator explained.
In addition, the Central Bank until March 9, 2023 retained restrictions on the purchase of foreign currency – banks can only sell euros and US dollars to citizens that came to their cash desks after April 9, 2022.
Ban on the export of cash euros and dollars to Russia
On March 2, the European Union banned the sale and delivery of euro banknotes to Russia, the ban applied to individuals and legal entities, as well as Russian authorities, including the government and the Central Bank. On March 11, the United States introduced a similar ban on dollars.
The Central Bank on March 9 introduced “provisional order operations with cash”. The regulator set a limit on the withdrawal of foreign currency in the amount of $10,000, forbade withdrawing it from accounts opened after March 9, as well as selling foreign currency to individuals at bank cash desks until September 9.
In mid-April, the regulator relaxed restrictionsby allowing banks to sell currency in their branches. For the purchase of individuals, only the currency received by the branches after April 9 was available.