Bank of Russia extends restrictions on foreign cash withdrawals for another six months until 9 September 2023
All the existing limits on foreign cash withdrawals by individuals and legal entities remain in effect.
If a foreign currency account or a deposit was opened before 9 March 2022, an account holder who has not yet made any foreign cash withdrawals from it may withdraw the balance as of 00.00 on the above date but no more than 10,000 US dollars or an equivalent amount in euros. As before, the remaining funds can be withdrawn in rubles.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. The funds credited to the account on and after this date will be withdrawn at the exchange rate set by the bank. Foreign cash can be withdrawn in US dollars or euros, regardless of the currency of the account or deposit.
Also, the regulator has extended for another six months the ban on banks to charge individuals 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Foreign cash transferred without opening an account or via electronic wallets should be withdrawn in rubles.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.
Banks may sell the US dollars and euros received by their cash desks on and after 9 April 2022 to individuals. There are no restrictions on sales of other foreign currencies.
In coming six months until 9 September 2023, resident legal entities will be able to withdraw foreign cash to cover their business travel expenses as per regulatory requirements, but no more than 5,000 US dollars or an equivalent amount in euros, British pounds, and Japanese yen. There are no restrictions for 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.
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.