2 Mar 2023 18:20

Central Bank of Russia confirms intention to extend restrictions on withdrawing currencies in cash and moving funds abroad

MOSCOW REGION. March 2 (Interfax) - Restrictions on cash withdrawals, funds transfers of abroad and withdrawals from Russia by non-residents from unfriendly countries will be extended, said Central Bank Governor Elvira Nabiullina

"The deadlines are fast approaching for an end to these restrictions, such as limits on withdrawing cash from bank accounts, transferring funds abroad, and restrictions on withdrawing funds by non-residents from unfriendly countries. All of them will be extended," Nabiullina said at the annual meeting of representatives of credit institutions with the leadership of the Central Bank, organized by the Association of Banks of Russia.

The introduction of restrictions on the movement of capital and the adoption of additional foreign exchange controls were essential to quickly stabilize the situation. "During the year, you saw how we either softened or canceled many of them, but in the future, since we do not expect fundamental external changes, these restrictions will remain," the head of the Central Bank said.

Restrictions on the withdrawal of foreign currency in cash from accounts and deposits belonging to individuals are valid until March 9, 2023. Individuals can withdraw in foreign currency only money received on an account or deposit before March 9, 2022. The withdrawal limit is $10,000 or the equivalent in euros. In addition, until March 9, 2023, banks can sell citizens only euros and US dollars received at their cash desks after April 9, 2022. There are no restrictions on the sale of foreign currencies apart from dollars and euros.

Restrictions on the withdrawal of money abroad by individuals are valid until March 31, 2023. Citizens of Russia and friendly countries will be able to transfer up to $1 million to any accounts in foreign banks within a month, and a maximum of $10,000, or other foreign currency equivalent, via money transfer systems. Non-resident individuals working in Russia can transfer funds abroad in the amount of their wages. Representatives of both friendly and unfriendly countries have this opportunity. For non-resident individuals from unfriendly countries that do not work in Russia, as well as for legal entities from these states, a complete ban on transferring funds abroad remains in effect.