Central Bank of Russia limits foreign cash withdrawals until Sept 9

The Central Bank of Russia (CBR) on Wednesday said it is imposing a USD 10,000 limit on foreign cash withdrawals from foreign currency accounts by clients until September 9.

"From March 9 to September 9, 2022, the Bank of Russia establishes the following procedure for cash withdrawal from foreign currency deposits or accounts of citizens: all customer funds on foreign currency accounts or deposits are saved and accounted for in the deposit currency, the client can withdraw up to USD 10,000 in cash, and the rest of the funds - in rubles at the market rate on the withdrawal day," the CBR was quoted saying by Sputnik.

 

"In Russian banks, about 90 per cent of foreign currency accounts do not exceed the amount of USD 10,000, that is, 90 percent of holders of foreign currency deposits or accounts will be able to fully receive their funds in cash," the CBR said.

The statement further said banks will not sell foreign cash to citizens while the new regulations are in place, and added that the special measures were imposed due to restrictions on the inflow of dollars to Russia imposed by Western nations.

A number of countries, including Japan, South Korea and Australia, have also slapped financial sanctions and travel bans against Russia. They are mulling new targeted penalties to freeze assets and restrict travel against Russia's most influential political and military officials.