The Bank of Russia has decided to maintain restrictions on foreign cash withdrawals for an additional six months, extending the limitations until September 9, 2025. This decision comes in response to sanctions against Russia that prevent domestic financial institutions from acquiring cash from Western countries.
Individuals who had foreign currency accounts or deposits before March 9, 2022, can still withdraw foreign currency equivalent to their account balance as of midnight Moscow time on that date. However, this withdrawal is capped at $10,000 or the equivalent in euros, regardless of the account’s currency. This is applicable only if they have not previously utilized this opportunity.
Remaining funds can be withdrawn in rubles. The withdrawal amount must not be less than the amount calculated based on the Bank of Russia’s exchange rate for funds credited before September 9, 2022. For funds credited after this date, withdrawals will follow the bank’s exchange rate on the withdrawal date.
Additionally, the regulator has extended a ban on banks charging fees for foreign cash withdrawals from individual accounts or deposits for another six months.
Foreign funds transferred without opening an account or via electronic wallets are required to be withdrawn in rubles. These amounts should also adhere to the Bank of Russia’s exchange rate at the time of withdrawal.
Non-resident legal entities are prohibited from withdrawing cash in US dollars, euros, British pounds, or Japanese yen until September 9, 2025. However, there are no restrictions on other foreign currencies.
Resident legal entities are allowed to withdraw cash in US dollars, euros, British pounds, or Japanese yen within the next six months solely for business trip expenses under regulatory requirements. Other foreign currencies are unrestricted provided these transactions comply with Russian legislation.
