Russia’s Central Bank has announced that it will extend restrictions on foreign cash withdrawals, limiting them to $10,000 until March 9, 2025. This decision came in response to the halting of cash transfers of dollars and euros to Russia by the U.S. and EU in March 2022. The initial restrictions were implemented after private customers withdrew around $9 billion from Russian accounts in February 2022. The updated policy mandates that individuals with existing foreign currency accounts can only withdraw up to $10,000 in U.S. dollars or euros, with any remaining funds available only in rubles. These restrictions were initially set to expire on September 9 but have now been extended.
Since the export ban on cash transactions started in March 2022, Russia has imported approximately $2.27 billion in dollars and euros from countries that have not imposed sanctions on Moscow due to its invasion of Ukraine. Recent reports from investigative media revealed that over $29 million in foreign banknotes were imported from Rwanda in 2024. These measures indicate Russia’s efforts to manage the flow of foreign currency and stabilize its financial situation amid mounting pressure from international sanctions and restrictions.
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The ongoing restrictions on foreign cash withdrawals in Russia highlight the impact of international sanctions on the country’s financial system. With limitations on cash transfers from the U.S. and EU, individuals in Russia are now subject to strict guidelines on accessing and withdrawing foreign currency. The Central Bank’s decision to extend these restrictions reflects ongoing efforts to manage capital outflows and stabilize the economy in the face of external pressures.
The extension of limits on foreign cash withdrawals until 2025 signifies a prolonged period of financial constraints for individuals in Russia. The requirement to convert excess foreign funds into rubles emphasizes the importance of safeguarding the country’s currency reserves and mitigating the effects of external economic sanctions. Despite facing challenges, the Russian economy continues to adapt to changing circumstances and implement measures to address the impact of international restrictions on financial transactions.
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