RUS CB introduced temporary procedure re withdrawal of foreign cash transactions.
Regarding cash withdrawals from citizens’ foreign currency deposits and accounts.
$10,000 Limit
RUS CB advised that all customers’ funds in foreign currency accounts and deposits have been preserved and accounted in the currency of deposits.
Customers are allowed to withdraw up to 10,000 US dollars in cash and the remaining funds in rubles at the market exchange rate as of the date of a withdrawal.
All client funds on foreign currency accounts or deposits are kept and accounted for in the deposit currency, the client can withdraw up to 10,000 US dollars in cash.
Currency will be issued in US dollars, regardless of the currency of the account.
Conversion of other currencies to USD will be at the market rate on date of withdrawal.
Holding of Accounts
People may continue to hold funds in foreign currency accounts or deposits.
Customers will also be allowed to open new foreign currency accounts and deposits.
However, during temporary procedure period, they will be able to withdraw funds only in rubles at the market exchange rate as of the date of a withdrawal.
During the effective period, banks will not sell foreign currency cash to citizens.
Foreign currency cash may be exchanged for rubles at any time, and in any amount.
Customers of all banks may withdraw funds from foreign currency deposits/accounts.
Effectiveness
Applies from Mar. 9 to Sep. 9, 2022.
Mar. 10, 2022 Legal Entities and Entrepreneurs
On Mar. 10, 2022, RUS CB introduced a temporary procedure for foreign cash transactions for legal entities and individual entrepreneurs, until Sep. 10, 2022.
Resident legal entities and resident individual entrepreneurs may receive cash in US dollars, Japanese yen, British pounds, euros in the amount not exceeding 5,000 USD.
These amounts received may only be to cover expenses for foreign business trips.
In certain cases, banks may request the regulator to increase this amount.
As regards any other currencies, resident legal entities and resident individual entrepreneurs may receive cash on the grounds provided for by Russian laws, without any restrictions, at the market exchange rate as of the withdrawal date.
Non-resident legal entities and non-resident individual entrepreneurs are not allowed to receive cash in US dollars, Japanese yen, British pounds, and euros.
As to any other currencies, non-residents may receive funds from their accounts without any restrictions, at the market exchange rate as of the withdrawal date.
Mar. 11, 2022 Clarification
On Mar. 11, 2022, RUS CB clarified the temporary procedure for issuing funds from foreign currency deposits and accounts of citizens, which is valid until Sep. 9, 2022.
Document dated Mar. 11, 2022, received Mar. 14, and then summarized on Mar. 16.
Temporary procedure from Mar. 12, 2022, covers transfer of funds without opening a bank account and funds accounted for by banks as a balance on electronic wallets.
Funds received as transfer from a bank outside Russia are issued exclusively in rubles.
Conversion is at bank rate, and cannot be less than the amount calculated on day of payment at RUS CB official rates of foreign currencies for conversion against the ruble.
Funds not claimed by transfer recipients of transfers without opening an account are taken into account by banks until issued to recipient or returned at payer request.
Official foreign currency exchange rates established as per directive No. 5094-U.
Mar. 11, 2022 Commission Ban
On Mar. 11, 2022, RUS CB issued a press release dated Mar. 11, 2022, confirming it would ban banks from charging individuals until Sept. 9, 2022 when issuing US dollars.
Document dated Mar. 11, 2022, received Mar. 14, and then summarized on Mar. 17.
It also applies to issuing US dollars from accounts in foreign currency regardless of the currency involved, and banned commission to convert foreign currency to US dollars.
Commissions charged by banks to customers from Mar. 9, 2022, must be returned and customers must apply to the relevant bank to then receive a refund within three days.
Mar. 15, 2022 Forex Rates Ordinance
On Mar. 15, 2022, RUS CB issued ordinanceOn amendments to ordinance of Bank of Russia Mar. 14, 2019 No. 5094-U 'on procedure for establishing and publications by Central Bank of Russia official exchange rates of foreign currencies against the ruble.'
In paragraph 4, replaces ‘by 11:30 a.m.’ with ‘by 4:30 p.m'; paragraph 5 is invalid.
Paragraph 7: replaces ‘at 11:30 a.m.’ with ‘at 16 hours 30 minutes’; replaces ’of the issuing states’ with 'by issuers’; and replaced ‘at 11:30’ with ‘at 16:00 30 minutes’.
Registered with RUS GVT, No. 67716, Mar. 14, in force Mar. 15 (publication date).
The effect is to expand the time range and simplify procedure for calculating official foreign exchange rates, takes into account larger number of transactions during day.
Apr. 8, 2022 Foreign Currency Transactions Update
On Apr. 9, RUS CB softened commission rules for foreign currency transactions.
RUS CB announced that starting from Apr. 11, 2022 the commission for purchase of foreign currency, through brokers, previously set at 12% has been canceled.
Also, from Apr. 11, 2022, RUS CB cancels requirement for banks to limit the difference in the buying and selling rate of foreign currency, except for importing legal entities.
RUS CB recommends that banks set for importers who purchase foreign currency to pay for import contracts an exchange rate spread of no more than 2 RUB.
Apr. 9 2022 RUS Update for Cash Transactions
On Apr. 9, 2022, RUS CB stated that citizens with foreign currency accounts/deposits opened before Mar. 9, 2022 will be able to receive both dollars and euros in cash.
The withdrawal limit remains 10k USD or their equivalent in EUR from Apr. 11, 2022.
Citizens are able to receive funds over limit from foreign currency accounts in RUB.
Conversion, is carried out at the bank's exchange rate, but amount issued cannot be less than the amount calculated using the RUS CB exchange rate on the day of issue.
In addition, starting from Apr. 18, 2022, RUS CB resumes the opportunity for banks to sell cash to citizens, but only cash which was received by banks since Apr. 9, 2022.
Aug. 1, 2022 Cash Withdrawal Extension
On Aug. 1, 2022, RUS CB extended restrictions on foreign currency cash withdrawals for six more months to Mar. 9, 2023, with US $10,000 limit/euro equivalent for cash foreign currency withdrawal from foreign currency account/deposit until Sep. 9, 2022.
Restrictions on foreign currency for resident legal entity travel expenses also extended Sep. 9-Mar. 9, 2023: US$5,000 maximum or euro, sterling, Japanese yen equivalent.
Sep. 9, 2022 Ban Extension
On Sep. 8, 2022, RUS CB extended ban on foreign currency cash withdrawals fees for 6 more months to Mar. 9, 2023, with US $10,000 limit/euro equivalent for cash.
Also, until Mar. 9, 2023, there will be a ban on fees for converting foreign currencies into USD and EUR if the conversion was carried out for subsequent issuance of funds.
Mar. 2023 Cash Restriction Withdrawal
On Mar. 7, 2023, RUS CB extended until Sep. 9, 2023, restrictions on the withdrawal of cash foreign currency in specified period in the amount below the US $10,000 limit.
Banks can sell to citizens US dollars and euros that have entered their cash desks since Apr. 9, 2022 and there are no restrictions on sale of other foreign currencies.
Until Sep. 9, 2023, resident legal entities can receive cash for travel expenses based on payment standards, but not more than $5k or equal amount in YEN, EUR or GPB.
On Mar. 31, 2023, RUS CB extended ban on transfer of funds abroad, see #168419.
Sep. 2023 Cash Restriction Withdrawal
On Sep. 7, 2023, RUS CB extended the ban charging citizens a commission when issuing currency from accounts or deposits has been extended for six months.
Currency withdrawal limit for citizens with accounts opened before Mar. 9, 2022: up to the cash balance on that date, not exceeding 10,000 USD or the equivalent in euros.
This specifically applies if the clients haven't previously withdrawn this amount.
Remaining funds can be received in RUB, with the amount not less than the official RUS CB rate on the day of payment for funds deposited before Sep. 9, 2022.
Funds deposited after this date are converted at the bank's exchange rate on the date of issue but banks are prohibited from charging citizens a commission for withdrawals.
Currency transfers without opening an account and via electronic wallets are issued in rubles, with the amount not less than the official RUS CB rate on the day of payment.
Non-resident legal entities can't receive cash in USD, EUR, GPB, JPY until Mar. 9, 2024.
Mar. 2024 Extension
On Mar. 7, 2024, RUS CB issued decision extending ban charging citizens commission when issuing cash in foreign currency from balance for another 6mths to Sep. 9, 2024.
The amount paid cannot be less than that calculated on the day of payment at the official rate of RUS CB for funds placed in the account before Sep. 9, 2022.
For currency transfers without opening an account and via e-wallets are issued in RUB the amount issued cannot be less than that calculated on the day of payment rate.
In addition, non-resident legal entities will not be issued cash in USD, EUR, GPB as well as JPY until Sep. 9, 2024; there are no restrictions on other currencies.
Also, resident legal entities over the next six months can receive cash from their accounts in USD, EUR, GPB and JPY only for the purpose of travel expenses based on the payment standards established in accordance with current legislation.
RUS CB also noted that there are no restrictions on other currencies, provided that transactions comply with the requirements of the legislation of the Russian Federation.
Sep. 2024 Foreign Cash Withdrawals
On Sep. 6, 2024, RUS CB issued decision extending ban charging citizens commission when issuing cash in foreign currency from balance for another 6mths to Mar. 9, 2025.
Currency transfers without opening an account and via e-wallets are issued in RUB -the amount issued may not be less than amount calculated on the day of payment.
Non-resident legal entities can't receive cash in USD, EUR, GPB, JPY until Mar. 9, 2025.
