The Russian Central Bank announced this Wednesday that it limits to US$10,000 the maximum that a client will be able to withdraw in foreign currency in cash in their foreign exchange accounts, reported Sputnik.
“A client can withdraw up to US$10 thousand of US currency in cash, and the rest of the funds in ruble, according to the exchange rate of the market on the day of the withdrawal, ”says the statement from the Russian issuer.
Said limitation will be effective from March 9 to September 9.
The rule disclosed this morning adds that “banks during the validity of the new order will not sell foreign currency in cash to citizens.”
“The entry of dollars into the country is limited by sanctions, and is the only reason for the special measures related to the sale of foreign currency in cash by banks,” he adds.
Russian President Vladimir Putin had already prohibited on February 28 the transfer of foreign currency abroad and ordered companies with economic activities abroad in the framework of foreign trade to convert 80% of their income into rubles, according to a signed decree this Monday by the president to defend Russia from Western sanctions.
The decree also prohibited from the next day to carry out “exchange operations related to the provision by residents in favor of non-residents of foreign currency” and transfer foreign currency to accounts opened in banks and other financial market organizations outside Russia.”
The new regulation of the Russian Central Bank is adopted after the decision of the European Union, the United States and numerous other countries to impose economic sanctions on Russia for its invasion of Ukraine on February 24, which has already caused thousands of deaths and more than two million Ukrainian refugees.
Since the invasion began, the EU has expelled seven Russian banks from the interbank system, among which are not Sberbank, the largest entity in the country, or Gazprombank, because they process a large part of the energy operations with the bloc.
With information from EFE and Swissinfo.
Source: Larepublica
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