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Bank of Russia extends restrictions on foreign cash withdrawals for another six months until 9 March 2023

1 August 2022

The regulator has extended the effective period of the limit, in force until 9 September 2022, on foreign cash withdrawals from foreign currency accounts or deposits. The limit may not exceed 10,000 US dollars or an equivalent amount in euros.

People who have not yet made any foreign cash withdrawals since 9 March 2022 may only withdraw the money in foreign currency credited to the account or deposited until 9 March 2022. As before, the remaining funds can be withdrawn in rubles at the exchange rate set by the bank. The amount paid may not be lower than the amount calculated as of the payment date at the Bank of Russia’s official exchange rate. Foreign cash can be withdrawn in US dollars or euros, regardless of the currency of an account or deposit.

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

The limits on foreign currency purchases remain effective until 9 March 2023: people may only buy the euros and US dollars received by banks’ cash offices after 9 April 2022.

There are no restrictions on sales of other foreign currencies.

Additionally, the Bank of Russia has extended the restrictions for resident legal entities for another six months, from 9 September 2022 to 9 March 2023: the amount of foreign cash received to cover business trip expenses may not exceed 5,000 US dollars or an equivalent in euros, British pounds, or Japanese yen. These requirements are not applicable to other foreign currencies. Non-resident legal entities may not withdraw cash in US dollars, euros, British pounds, or Japanese yen; there are no restrictions for other foreign currencies.

Preview photo: Maxim Churusov / TASS