The Bank of Russia introduced restrictions on the issuance of foreign currency

Bank of Russia installed a new procedure for issuing currency, which will be valid from March 9 to September 9, 2022. Here's what's changed:

• All funds on foreign currency accounts and deposits have already been taken into account. Bank customers will be able to withdraw no more than $10,000 in cash, the rest in rubles at the exchange rate on the day of issuance.
• Money from foreign currency accounts and deposits will be issued in dollars, regardless of the original currency. The conversion will take place at the current exchange rate.
• You can get cash currency at the cash desk of the bank.
• Bank customers will be able to continue to keep the currency on the account or deposit. The conditions do not change, interest will be charged in the deposit currency.
• Russians will be able to open new foreign currency accounts and deposits, but until September 9, it will be possible to withdraw money from them only in rubles at the exchange rate on the day of issue.
• During the new procedure, banks will not exchange rubles for cash. Currency exchange for rubles is available without restrictions.

The Central Bank also notes that 90% of foreign currency accounts in Russia do not exceed 10 thousand dollars, so most customers will be able to receive the entire amount in foreign currency.