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Bank of Russia extends restrictions on foreign cash withdrawals for another six months until 9 March 2024

Recent Regulations & NewsBank of Russia extends restrictions on foreign cash withdrawals for another six months until 9 March 2024

The Bank of Russia preserves the foreign cash restrictions due to the sanctions enacted against Russia that prohibit Russian financial institutions from purchasing western countries’ cash.

Individuals who opened foreign currency accounts or deposits before 9 March 2022 and who have not yet withdrawn the earlier established maximum amount of foreign cash from their accounts are allowed to cash out not more than 10,000 US dollars or the equivalent amount in euros, regardless of the currency of the deposit or account, as of 00.00 Moscow time on the above date.

As before, the remaining funds can be withdrawn in rubles. The withdrawal amount may not be less than that calculated as of the date of withdrawal at the Bank of Russia’s exchange rate for the funds credited to the account before 9 September 2022. Funds placed after 9 September 2022, should be withdrawn at the exchange rate set by the bank as of the withdrawal date.

Also, the regulator has extended for another six months the ban on banks to charge individuals a commission for foreign cash withdrawals from their deposits or accounts.

Foreign cash transferred without opening an account or via electronic wallets should be withdrawn in rubles. The withdrawal amount may not be less than that calculated as of the date of withdrawal at the Bank of Russia’s exchange rate.

Non-resident legal entities may not withdraw cash in US dollars, euros, British pounds, or Japanese yen until 9 March 2024; there are no restrictions on other foreign currencies.

Resident legal entities may withdraw cash in US dollars, euros, British pounds, or Japanese yen within the next six months to cover expenses exclusively on business trips as per regulatory requirements. There are no restrictions on other foreign currencies provided these operations comply with the requirements of Russian legislation.

Story from www.cbr.ru

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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