Central Bank extended restrictions on cash withdrawals

The Bank of Russia extended restrictions on withdrawing cash foreign currency for another six months until September 9, 2024.

The Central Bank explains that restrictions remain due to sanctions prohibiting Russian financial institutions from purchasing the cash currency of Western countries.

For citizens whose foreign currency account or deposit was opened before March 9, 2022, the limit on currency withdrawal remains in the amount of the cash balance as of 00:00 Moscow time on the specified date. Still, not more than 10 thousand US dollars or the equivalent amount in euros, regardless of the currency of the deposit or account, provided that they have not previously implemented such an opportunity.

The rest of the funds can still be received in rubles. The amount paid cannot be less than that calculated on the day of payment at the official rate of the Bank of Russia for funds placed in the account before September 9, 2022.

Funds placed after September 9, 2022, are issued at the bank exchange rate on the issue date.

For banks, the ban on charging citizens a commission when issuing currency from accounts or deposits has been extended for six months. Currency transfers are issued in rubles without opening an account and through electronic wallets. At the same time, the amount issued cannot be less than that calculated on the day of payment at the official rate of the Bank of Russia, the regulator says in a release.

Author: Elina Akhmetova