Bank of Russia clarifies temporary procedure for cash withdrawals from citizens’ foreign currency deposits and accounts effective until 9 September 2022
Foreign cash withdrawals from accounts opened before 9 March 2022 are to be made in US dollars at banks’ exchange rates. Furthermore, the amount paid to an individual may not be lower than the amount calculated as of the payment date at the Bank of Russia’s official foreign currency exchange rates for the conversion of other currencies into US dollars.
Since 9 March 2022, payments in rubles from foreign currency accounts are to be made without any restrictions at banks’ exchange rates. The amount paid to an individual may not be lower than the amount calculated as of the payment date at the Bank of Russia’s official foreign currency exchange rates against the ruble for the conversion of other currencies.
Moreover, since 12 March 2022, this temporary procedure will also stipulate requirements for the transfers of funds without opening a bank account and funds accounted by banks as e-wallet balances.
Funds received as a transfer from a bank outside Russia and from e-wallets may be withdrawn only in rubles. The conversion is to be made at banks’ exchange rates, and the amount paid may not be lower than the amount calculated as of the payment date at the Bank of Russia’s official foreign currency exchange rates against the ruble for the conversion of other currencies.
Funds transferred without opening a bank account and not requested by the payee shall be accounted by banks until their withdrawal by the payee or their refund to the payer if requested.
The Bank of Russia sets the official exchange rates of foreign currencies in accordance with the procedure established by Bank of Russia Ordinance No.