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Restrictions on foreign currency withdrawals extended

12 сентября 2023
63

The Bank of Russia extended for another six months, until 9 March 2024, restrictions on the withdrawal of cash foreign currency.

For citizens whose foreign currency deposit is open until 9 March 2022, the limit on currency withdrawal remains in the amount of no more than $10 thousand or the equivalent amount in euros, regardless of the currency of the deposit or account, provided that they have not previously exercised this opportunity. The rest of the funds can still be received in rubles. The amount paid cannot be less than calculated on the day of payment at the official rate for funds deposited into the account before 9 September 2022. Funds placed after this date are issued at the bank rate on the date of issue.

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.

Non-resident legal entities will still not be able to receive cash in US dollars, euros, pounds sterling and Japanese yen until 9 March 2024. There are no restrictions for other currencies.

Resident legal entities can receive cash from their accounts in US dollars, euros, pounds sterling and Japanese yen only for the purpose of travel expenses, based on the payment standards established in accordance with the law. There are no restrictions on other currencies.

In addition, until 9 March 2024, the ban on banks charging citizens a commission when issuing them cash currency from deposits or accounts has been extended. Also, until this date, there is a ban on charging a commission for converting foreign currencies into US dollars or euros if the conversion is carried out for the subsequent issuance of funds. We are talking about withdrawals in foreign currency of funds received to an account or deposit before 9 March 2022.

See: Information from the Bank of Russia, dated 7 September 2023. “The Bank of Russia extended for another six months, until 9 March 2024, restrictions on the withdrawal of cash foreign currency”, Resolution of the Board of Directors of the Bank of Russia dated 6 September 2023 “On the commission for issuing cash foreign currency to individuals”

 

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