The Bank of Russia has extended restrictions on foreign cash withdrawals for another six months, until March 9, 2025. This decision comes in response to sanctions against Russia that prevent domestic financial institutions from purchasing cash from Western countries.
Individuals who opened foreign currency accounts or deposits before March 9, 2022, can still withdraw foreign currency up to the balance of funds as of midnight Moscow time on that date, but not exceeding $10,000 or the equivalent amount in euros. This is contingent upon them not having used this opportunity previously.
Remaining funds must be withdrawn in rubles. The withdrawal amount cannot be less than that calculated as of the withdrawal date at the Bank of Russia’s exchange rate for funds credited to the account before September 9, 2022. Funds credited after this date should be withdrawn at the exchange rate set by the bank on the withdrawal date.
Additionally, the regulator has extended for another six months a ban on banks charging fees for foreign cash withdrawals from individual accounts or deposits.
Foreign funds transferred without opening an account or via electronic wallets must also be withdrawn in rubles. The withdrawal amount cannot be less than that calculated as of the withdrawal date at the Bank of Russia’s exchange rate.
Non-resident legal entities are prohibited from withdrawing cash in US dollars, euros, British pounds, or Japanese yen until March 9, 2025; however, there are no restrictions on other foreign currencies.
Resident legal entities may withdraw cash in US dollars, euros, British pounds, or Japanese yen within the next six months to cover expenses exclusively related to business trips as per regulatory requirements. There are no restrictions on other foreign currencies provided these operations comply with Russian legislation.