The Central Bank extended restrictions on the withdrawal of cash foreign currency

The Central Bank decided to extend for another six months the ban introduced in March 2022 to withdraw more than 10 thousand in dollars or euros from foreign currency accounts. The regulator also extended the ban on banks charging citizens a commission when issuing currency from accounts. Building of the Central Bank of RUSSIA

The Bank of Russia has extended restrictions on the withdrawal of foreign currency from accounts for another six months, until September 9, 2024 , according to a message on the regulator’s website.

“The Bank of Russia maintains restrictions on cash currency in connection with the sanctions in force against our country, which prohibit domestic financial institutions from purchasing cash currency from Western countries,” the Central Bank noted.

The restrictions imply that no more than $10 thousand or an equivalent amount in euros can be withdrawn from accounts opened before March 9, 2022. The remaining funds are issued in rubles. Currency transfers without opening an account and through electronic wallets can also only be received in Russian currency.

In addition, the Central Bank extended the ban for banks for six months from charging citizens a commission when issuing currency from accounts or deposits.

For the first time, the Central Bank introduced a ban on withdrawals of more than $10 thousand from foreign currency accounts and deposits in March 2022, after the EU and the United States banned the import of cash dollars and euros into Russia. Since then, the ban has been extended every six months.

At the same time, the regulator prohibited banks from charging commissions to individuals when issuing foreign currency from their accounts. The Central Bank also obliged banks to return to individual clients the commission they received when issuing cash currency from March 9.

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At the same time, the HEAD of the Bank of Russia, Elvira Nabiullina , previously ruled out a ban on the circulation of the DOLLAR and euro in Russia, noting that this would not happen even in an “apocalyptic scenario.” “According to our estimates, the population has only about $85 billion in cash foreign currency, dollars and euros. And now banks can sell and buy this currency. Therefore, there will be a circulation of cash currency,” she emphasized.