The Central Bank of the Russian Federation banned banks from charging a commission for withdrawing dollars during the period of currency restrictions

The Central Bank of Russia said that Russian banks are prohibited from charging individual customers a commission for withdrawing cash currency during the period of currency restrictions in effect from March 9 to September 9, 2022.

The message of the Central Bank of the Russian Federation says that the commission cannot be taken when issuing US dollars from deposits or accounts in foreign currency, regardless of the currency of the account or deposit.

Also, banks cannot charge a commission for converting foreign currencies into dollars if the conversion was carried out for the subsequent issuance of cash dollars.

“The commissions that banks received when issuing cash currency to individuals from March 9, 2022, they must return to their customers – individuals,” the Central Bank of the Russian Federation emphasized.

In addition, the Central Bank reported that from March 12, funds received as a transfer from a bank outside of Russia and from electronic wallets will be issued only in rubles at the bank’s exchange rate.

On the night of March 9, the Central Bank severely limited the procedure for issuing currency for individuals for six months. Until September 9, Russians can withdraw from their accounts or deposits only up to 10,000 US dollars in cash. The remaining funds will be issued in rubles at the market rate on the day of issue. Legal entities and individual entrepreneurs can receive cash in the amount of $5,000, but only for foreign business trips; upon request, the amount can be increased.