CBR again extends restrictions on FX cash withdrawals, now through Sept 9, 2024

MOSCOW. March 7 (Interfax) - The Central Bank of Russia has extended restrictions on FX cash withdrawals by another six months, until September 9, 2024, the CBR said in a statement.

These restrictions remain in place due to the sanctions against Russia, which prohibit domestic financial institutions from acquiring Western nations' cash currency, the Central Bank said.

For citizens whose foreign currency deposits were opened prior to March 9, 2022, there is a cap on currency withdrawals of $10,000 or the equivalent amount in euros, regardless of the deposit or account currency, provided that there have not been other withdrawals from the account. The remaining funds can still be received in rubles.

For banks, the ban on charging individuals a commission for issuing currency from accounts or deposits has been extended six months.

Currency transfers made without opening an account and through electronic wallets are issued in rubles.

Non-resident legal entities will still not be able to receive cash in US dollars, euros, pounds sterling or Japanese yen until Sept 9, 2024. There are no restrictions on other currencies.

Resident legal entities can receive cash in US dollars, euros, pounds sterling and Japanese yen from their accounts only for travel expenses, based on withdrawal standards established by law. There are no restrictions on other currencies.

Deputy CBR Governor Olga Polyakova spoke in an earlier interview with Interfax about the need to maintain restrictions on cash currency withdrawals amid the ban on its import. "The main reason for the introduction of this restriction is sanctions, which prohibit import of FX cash of unfriendly countries by Russian banks. And as long as this ban is in effect, we do not see it as advisable to cancel our restrictions as well," Polyakova said in late February.