In the face of unprecedented sanctions from the West, the Russian Central Bank (Bank of Russia) has approved new rules for the circulation of foreign currency, a press release of the Central Bank says.
From March 9 to September 9, banks are forbidden to sell cash currency to citizens. At the same time, it will be possible to exchange their money for Russian rubles in any amount.
Russian citizens will now be able to withdraw no more than $10 thousand from their foreign currency accounts. If the deposit is in another foreign currency, the client will be given dollars anyway. The rest of the funds (over 10 thousand) will only be available in rubles at the rate on the date of issue of funds.
“Citizens will also be able to open new foreign currency accounts and deposits, but withdraw funds from them, as long as the temporary procedure for cash currency transactions is in force, it will be possible in rubles at the market rate on the date of issue,” the message of the Central Bank reads.
The central bank adds that the conditions of deposits do not change. Interest will accrue as usual.
