Central Bank of Russia extends restrictions on withdrawal of foreign currency by another 6M until Sept 9

MOSCOW. March 6 (Interfax) - The Central Bank of Russia (CBR) has extended restrictions on the withdrawal of funds abroad for another six months until September 9, 2023, the regulator said in a statement.

The Central Bank has kept all existing limits on the issuance of foreign cash to citizens and legal entities in place.

"The Bank of Russia maintains restrictions on cash currency in connection with the sanctions in effect against our country, which prohibit domestic financial institutions from acquiring cash currency from Western countries," the regulator said.

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. Remaining funds can be received in rubles.

In addition, 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.

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

In addition, banks can sell citizens only euros and 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.

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

Within the next six months, that is, until September 9, 2023, resident legal entities can receive cash for business travel expenses, but not more than $5,000 or the equivalent in euros, pounds sterling or yen. There are no restrictions on the issuance of other currencies.

Non-resident legal entities cannot receive cash in dollars, euros, pounds and yen. There are no restrictions for other currencies.