The Central Bank of Russia has extended for another six months, until September 9, 2023, restrictions on cash withdrawals in foreign currency for individuals and legal entities, according to a message cited by the Russian news agency TASS.

A queue at an ATM in Moscow, March 2022Photo: Vlad Karkov/SOPA Images/Profimedia

The Bank of Russia explained that it maintains restrictions due to sanctions, which prohibit Russian financial institutions from buying cash foreign currency in Western countries, writes News.ro.

Rosfinmonitoring, the financial watchdog, said it saw risks in the case of raising the limit on cash imports. In this regard, the Bank of Russia extended restrictions on cash withdrawals in foreign currency for another six months – until September 9, 2023.

“All existing limits on the withdrawal of cash foreign currency by citizens and legal entities remain in force,” the supervisory body reported.

The Central Bank reminds that the balance can be withdrawn from an account or deposit in foreign currency opened until March 9, 2022, but not more than 10,000 dollars or the equivalent amount in euros, the rest of the money can be received in rubles.

Banks have been banned from charging citizens a fee for withdrawing currency from accounts or deposits for six months, the Central Bank reported.

The regulator clarified that Russian banks can continue to sell USD and EUR received at the cash desk from April 9, 2022 without restrictions on the sale of other foreign currency.

The Central Bank also reported that until September 9, 2023, legal entities – residents can receive cash currency to pay for travel expenses according to the standard established by law, but not more than 5,000 dollars or the equivalent in euros, Japanese yen or British pounds. There are no restrictions for other currencies.

Instead, non-resident legal entities cannot receive cash in US dollars, euros, Japanese yen and pounds sterling. There are no restrictions on other currencies.

Against the backdrop of unprecedented sanctions imposed by Western countries, the Central Bank of Russia has limited the amount that Russian bank clients can withdraw from their accounts in foreign currency to $10,000 starting March 9, 2022. Banks were also temporarily prohibited from selling cash foreign currency to citizens. These regulatory measures will be in effect until September 9, 2023.