CBR extends restriction on withdrawing foreign currency another six months until March 9, 2025

MOSCOW. Sept 6 (Interfax) - The Central Bank of Russia has extended the restrictions on withdrawing foreign currency in cash for another six months until March 9, 2025, the CBR said.

The CBR has reached the decision based on the sanctions currently in force against Russia that prohibit domestic financial institutions from purchasing foreign currency of Western countries.

The limit of $10,000, or the equivalent in euros, when citizens withdraw foreign currency from accounts and deposits opened before March 9, 2022, remains in force. Citizens may still withdraw the remaining funds in rubles.

The CBR has also extended the ban on banks charging citizens a commission when issuing foreign currency from accounts or deposits.

Foreign currency transferred without opening an account and via e-wallets is issued in rubles.

Non-resident legal entities are still not permitted to receive U.S. dollars, euros, pounds sterling, and Japanese yen in cash. There are no restrictions on other currencies.

Russian companies may receive U.S. dollars, euros, pounds, and yen in cash from accounts only for travel expenses based on payment standards established in accordance with the legislation. There are no restrictions on other currencies when the transactions comply with the requirements of Russian legislation.