Bank of Russia extends restrictions on foreign cash withdrawals for another six months until 9 September 2024
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.
Individuals who opened foreign currency accounts or deposits before 9 March 2022 are still allowed to withdraw foreign currency in the amount equal to the balance of funds as of 00.00 Moscow time on the said date, but no more than US $10,000 or the equivalent amount in euros, regardless of the currency of the deposit or account, provided that they have not used this opportunity previously.
As before, the remaining funds can be withdrawn in rubles.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 The funds credited after 9 September 2022 should be withdrawn at the exchange rate set by the bank as of the withdrawal date.
Also, the regulator has extended for another six months the ban on banks charging a fee on individuals for foreign cash withdrawals from their accounts or deposits.
Foreign funds transferred without opening an account or via electronic wallets should be withdrawn in rubles.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.
Non-resident legal entities may not withdraw cash in US dollars, euros, British pounds, or Japanese yen until 9 September 2024. There are no restrictions on other foreign currencies.
Resident legal entities may withdraw cash in US dollars, euros, British pounds, or Japanese yen within the next six months to cover expenses exclusively on business trips as per regulatory requirements. There are no restrictions on other foreign currencies, provided that these operations comply with the requirements of Russian legislation.