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War: Russia Suspends Forex Sales



War: Russia Suspends Forex Sales

Special measures for the sale of cash by Russian banks were introduced due to sanctions restrictions on the flow of dollars into the country, the Bank of Russia explained.

Earlier on Wednesday, the Central Bank announced that from March 9 to September 9, 2022, it introduces a temporary procedure for operations with cash currency. Thus, all client funds on foreign currency accounts or deposits are saved and accounted for in the deposit currency, the client can withdraw up to 10 thousand US dollars in cash, and the rest of the funds in rubles at the market rate on the day of issue.

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At the same time, banks will not sell cash to citizens during the period of validity of the temporary order. It will be possible to exchange cash currency for rubles at any time and in any amount.

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“The flow of dollars into the country is limited by sanctions, and this is the only reason for special measures related to the sale of foreign cash by banks,” the materials say.

The Central Bank also noted that after the expiration of the restriction, the ability to withdraw the currency in full or again in the amount of 10 thousand dollars will depend on the sanctions of foreign states.

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“Getting dollars or euros may remain a problem. But we are looking for options so that people have alternatives. In particular, gold or the currencies of those countries that have not joined the sanctions against Russia,” the regulator said in a statement.