Russian banks banned from selling cash currency to citizens

The Central Bank of Russia has introduced new rules for handling cash currency – in the face of unprecedented sanctions imposed by Western countries against Russia in connection with its invasion of Ukraine. Banks will be banned from selling cash to citizens, and it will be possible to withdraw no more than 10 thousand dollars from foreign currency accounts, the rest of the funds – in rubles at the rate on the day of issue.

The rules, called temporary by the Bank of Russia, will allegedly be in effect for six months – from March 9 to September 9.

The message of the Central Bank states that all client funds in foreign currency accounts will be preserved, however, access to them will be limited to the amount of 10 thousand dollars, and if the deposit is denominated in a different currency, the client will still be given dollars. “Banks will not sell cash to citizens during the period of validity of the temporary order,” the statement said. It will be possible to exchange cash currency for rubles at any time and in any amount.

On Tuesday, the US imposed new sanctions against Russia, including a ban on oil imports. On the same day, a number of large corporations announced the suspension of work in Russia.