Russian media reports say Russia’s central bank yesterday extended a number of emergency capital controls for another six months until September 9, 2023.
In a move flagged by the Central Bank Governor Elvira Nabiullina last week, the central bank said it was extending restrictions on the withdrawal of foreign currency until September 9, 2023, as well as a ban on some commission charges that banks can levy.
The Central Bank of Russia 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," Russia’s financial regulator said.
Individuals can withdraw in foreign currency only money received on an account or deposit before March 9, 2022. The withdrawal limit is US$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, according to Interfax.
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 US$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, Interfax added.
