Bank of Russia establishes temporary procedure for foreign cash transactions

The Bank of Russia establishes the following procedure for cash withdrawals from citizens’ foreign currency deposits and accounts for the period from 9 March to 9 September 2022:

All customers’ funds in foreign currency accounts and deposits have been preserved and accounted in the currency of deposits. Customers are allowed to withdraw up to 10,000 US dollars in cash and the remaining funds in rubles at the market exchange rate as of the date of a withdrawal.¹

Balances in nearly 90% of foreign currency accounts with Russian banks do not exceed 10,000 US dollars, that is, 90% of the holders of foreign currency deposits or accounts will be able to receive all their funds in foreign currency cash.

During the effective period of this temporary procedure, cash withdrawals will be made in US dollars, regardless of the currency of accounts. Other currencies will be converted into US dollars at the market exchange rate as of the date of a withdrawal.

Foreign currency may be withdrawn at banks’ cash offices.

People may continue to hold funds in foreign currency accounts or deposits. All funds have been preserved and accounted in the currency of accounts or deposits. The terms and conditions on accounts or deposits remain unchanged. Interest on deposits will be accrued as usual in the foreign currency of deposits.

Customers will also be allowed to open new foreign currency accounts and deposits. However, during the period of the temporary procedure for foreign currency transactions, they will be able to withdraw funds only in rubles at the market exchange rate as of the date of a withdrawal.

During the effective period of the temporary procedure, banks will not sell foreign currency cash to citizens. Foreign currency cash may be exchanged for rubles at any moment and in any amount.

Customers of all banks without any exceptions are allowed to withdraw funds from their foreign currency deposits or accounts. Banks may need several days to deliver the required amount of foreign currency cash to a particular division.

¹ The market exchange rate as of the date of a withdrawal is determined based on data on the average weighted exchange rates of the relevant currencies calculated for transactions carried out at exchange trading on the day preceding the day of a withdrawal.