28 Feb 2022 19:20

Russian govt bans withdrawal of foreign currency via loans to non-residents, deposits abroad

MOSCOW. Feb 28 (Interfax) - The Russian government has introduced a number of foreign currency exchange-control measures, in addition to the mandatory sale of 80% of foreign currency earnings on the part of exporters, according to the decree from President Vladimir Putin and published on the Kremlin website.

According to the presidential decree, as of March 1, residents are prohibited from conducting foreign currency transactions regarding the provision of foreign currency under loan agreements in favor of non-residents.

Additionally from the same date, a ban is imposed on residents' transferring foreign currency to their accounts/deposits opened with banks and other financial market organizations located outside the territory of the Russian Federation, as well as transferring monetary funds without opening a bank account using electronic means of payment as provided by foreign providers of payment services.