1 Aug 2022 13:41

CBR extends ban on FX cash withdrawals by further 6 months

MOSCOW. Aug 1 (Interfax) - The Central Bank of Russia (CBR) has extended restrictions on the withdrawal of FX cash by another six months, until March 9, 2023, as it had warned.

According to the regulator, the current limit on withdrawal of cash foreign currency from a foreign currency account or deposit in the amount of $10,000 or the same amount in euros will remain in force until March next year.

Citizens who have not had time to take advantage of this opportunity since March 9, 2022, can only withdraw money in foreign currency from an account or deposit before March 9, 2022. The rest of the funds can still be received in rubles at the market rate on the day of withdrawal. Foreign currency withdrawals are made in dollars or euros, regardless of the currency of the deposit or account.

"The Central Bank is forced to maintain these and other restrictions on cash currency due to the current sanctions against Russia, which bar Russian financial institutions from purchasing Western countries' FX cash," the regulator said.

In addition, restrictions on the purchase of foreign currency will remain in force until March 9, 2023: banks will only be able to sell euros and dollars received at their offices after April 9, 2022.

There are no restrictions on the sale of other foreign currency.

For resident legal entities, the restrictions on obtaining currency for travel expenses totaling no more than $5,000 or the same amount in the equivalent in euros, pounds, Japanese yen has been extended by another six months - from September 9, 2022 to March 9, 2023. Other currencies are not subject to these requirements. Cash withdrawals in dollars, euros, pounds sterling, or Japanese yen for nonresident legal entities is not carried out, there are no restrictions on other currencies.