Bank of Russia extends ban on banks to charge fees for foreign currency withdrawals from individuals’ accounts and deposits for six months
The Bank of Russia Board of Directors has extended until 9 March 2023 the ban on banks to charge a fee from individuals when withdrawing foreign currency from deposits or accounts. This measure was initially introduced in March 2022 with an effect until 9 September 2022. Also, until 9 March 2023, there will be a ban on fees for converting foreign currencies into US dollars and euros provided the conversion is carried out for subsequent cash withdrawals.
Earlier, the Bank of Russia extended until 9 March 2023 the restrictions on foreign cash withdrawals from individuals’ accounts and deposits. Individuals may only withdraw foreign cash which was credited to their accounts or deposited before 9 March 2022. The withdrawal limit is 10,000 US dollars or the equivalent amount in euros. Foreign cash can be withdrawn in US dollars or euros, regardless of the currency of the account or deposit.