The Central Bank introduced a temporary procedure for issuing cash currency for businesses

The Central Bank introduced limits for the withdrawal of foreign cash for six months for companies and individual entrepreneurs. They turned out to be tougher than those already introduced for citizens. But they assume the issuance of not only dollars,

From March 10, Russian banks must follow the new rules for issuing foreign currency in cash to clients - legal entities and individual entrepreneurs (IP), follows from the Central Bank's order sent to credit organizations. The document is classified “For official use”, its content was confirmed by RBC by three sources in large banks. RBC sent requests to credit institutions from the top 20.

After the publication of the RBC material, the Bank of RUSSIA issued a message confirming the measures introduced for business to issue cash currency.

The validity of the new restrictions is six months, or until September 10, 2022, follows from the document. During this period, corporate clients of banks and entrepreneurs will be able to receive cash foreign currency from their accounts under the following conditions.

Russian legal entities or individual entrepreneurs have the right to withdraw up to $5,000 in cash or the equivalent of this amount in euros, pounds sterling, Japanese yen to pay or reimburse travel expenses of employees traveling abroad. The same limit and condition applies to situations where resident clients want to receive money from a previously opened foreign currency deposit. If companies or individual entrepreneurs require an amount of more than $5,000, then the operation will need to be coordinated with the Central Bank. The bank will be obliged to send a request to the regulator with justification and supporting documents. Issuance of cash dollars, euros, pounds sterling and yen to Russian customers must be carried out only through the cash desks of banks. Foreign companies and non-resident entrepreneurs will not be able to receive cash dollars, euros, pounds sterling or yen from accounts and deposits up to 10 September. All corporate clients, regardless of residence, will be able to withdraw cash from accounts and deposits without restrictions in other foreign currencies (not dollars, euros, pounds sterling or yen) at the market rate on the day of the transaction.

Restrictions on the issuance of the main types of foreign currencies for businesses and entrepreneurs are introduced due to sanctions against the Central Bank and Russian banks imposed by the authorities of Western countries, the order says.