Nabiullina explained the essence of "tuning" of currency restrictions

The “tuning” of currency restrictions announced by the Central Bank is not a pronounced weakening or tightening of the rules. it applies to legal entities

The Bank of RUSSIA can carry out "tuning" of currency restrictions for legal entities and take into account the requests of businesses. This was stated by the HEAD of the Central Bank Elvira Nabiullina at a press conference following the meeting of the board of directors.

“We are not talking explicitly about easing or tightening, we are talking primarily about “tuning” currency restrictions for legal entities. It's just that different companies turn to us, they talk about their peculiarities when conducting foreign economic activity, and we are ready to take this into account and can take it into account when clarifying some of the currency restrictions that exist, ”Nabiullina said, answering a question from RBC. She stressed that the task of the Central Bank is not to allow foreign exchange restrictions to greatly complicate foreign economic activity.

"Tuning" of currency restrictions the head of the Central Bank announced in mid-April. “We carried out the easing, now no additional large measures are expected here in the currency restrictions. Maybe some tuning, some corrections. But in general, we believe that this system has more or less stabilized, ”she said.

In March 2022, after the introduction of Western sanctions due to the start of a special military operation by Russia in Ukraine, the Central Bank limited the circulation of cash in the country. Among the measures for individuals and legal entities are restrictions on the issuance of cash from existing deposits, limiting the amount of currency transfers abroad to other Russians (initially, the limit was $5,000 per month, but in July it was increased to $1 million), a ban on transfers to unfriendly countries, a ban on the EXPORT of cash currency from Russia by legal entities and individuals in the amount of more than $10 thousand, etc. Also in March 2022, Russian President Vladimir Putingave the Central Bank the right to issue permits to participants in foreign economic activity for currency transactions. In November 2022, the Central Bank explained that authorized banks and the state corporation VEB.RF can export foreign currency in the amount of more than $10,000 or the equivalent in another foreign currency. However, banknotes withdrawn from circulation or announced for withdrawal from circulation for their exchange are subject to exportation.

In March 2022, the United States and the European Union banned the import of cash dollars and euros into Russia. Also, Russia's gold and foreign exchange reserves in the amount of about $300 billion were frozen.