Central Bank has extended restrictions on dollar and euro withdrawals for another six months

The Bank of Russia has extended restrictions on cash currency withdrawals for another six months until March 9, 2025. The regulator's press service explained that the decision was made concerning sanctions prohibiting Russian banks from purchasing Western cash currency.

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 balance of funds at 00.00 Moscow time on the specified date. Still, not more than 10 thousand US dollars or an equivalent amount in euros, regardless of the currency of the deposit or account, provided that they have not previously exercised this opportunity.

The remaining funds can still be withdrawn in rubles. The amount paid cannot be less than the amount calculated on the day of payment at the official exchange 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's 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 without opening an account and through electronic wallets are issued in rubles at the official exchange rate on the day of payment.

Non-resident legal entities are not issued cash in US dollars, euros, pounds sterling, or Japanese yen until March 9, 2025; other currencies are not restricted.

Following the regulations, resident legal entities can only receive US dollars, euros, pounds sterling, and Japanese yen in cash from accounts over the next six months for travel expenses.

There are no restrictions on other currencies.

Author: Elina Akhmetova