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Russians are restricted from access to cash foreign currency

Russians are banned from buying cash currency

Russians are banned from buying cash currency

The Bank of Russia (the country's central bank) has imposed a temporary procedure for withdrawing funds from foreign currency deposits or accounts of citizens. In particular, a ban is imposed on withdrawing more than $10,000 from foreign currency deposits. It will be possible to withdraw even more funds, but the rest of the money will be paid in rubles at the exchange rate on the day of withdrawal.

The restrictions will be in effect from March 9 to September 9, 2022. During this time, banks will not sell cash foreign currency to citizens. One can exchange cash foreign currency for rubles "at any time and in any amount."

Currency funds will be given in US dollars, regardless of the currency of the account. Conversion of other currencies into dollars will be at the market rate on the day of withdrawal.

Russians can open new foreign currency accounts and deposits, however, it will be possible to withdraw funds from them in rubles at the market rate on the day of withdrawal.

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