Restrictions on cash and currency withdrawals will continue in Russia

Elvira Nabiullina, president of the Central Bank of Russia, said that restrictions on foreign currency cash withdrawals from banks, which were expected to expire on March 9, will continue.

Nabiullina, in her speech at the “Cybersecurity in Finance” forum held in Yekaterinburg, Russia, evaluated the foreign exchange restrictions in the country due to sanctions.

Explaining that the Central Bank of Russia began to impose strict restrictions on foreign currency as a result of the comprehensive sanctions decisions of Western countries, Nabiullina said: “We removed some restrictions and the financial situation stabilized. In particular, the restrictions on the exchange of cash continue due to the prohibitions on the importation of foreign currency. saying.

Noting that it is not possible to remove the restrictions on foreign currency cash withdrawals from banks, which are expected to expire on March 9, Nabiullina said: “Unfortunately, we do not see the possibility of a systematic liberalization of foreign exchange restrictions in the moment. The restriction will be extended with some changes”, he said.

With the decision made by the Central Bank of Russia in March 2022, citizens in the country can withdraw a maximum of $10,000 in cash from foreign currency accounts in banks, while the remaining amount can be received in rubles. (AA)