The restrictions are in effect until at least September 9, 2022.
The Central Bank of the Russian Federation has banned banks from giving foreign currency in cash to citizens, as well as making transfers to foreign currency accounts. This was announced by the press service of the Central Bank of the Russian Federation.
Russians can withdraw funds from a bank account in foreign currency in any amount, but only in rubles. Previous restrictions were only for withdrawals of the equivalent of up to 10 thousand dollars.
From March 12, funds received as a transfer from a bank outside the Russian Federation, as well as from electronic wallets, can be withdrawn only in rubles. The restrictions will be in effect until September 9, 2022.
Earlier today, the United States banned the import of dollar bills into the Russian Federation. The EU has already set the same limit for the euro. The foreign exchange reserves of the Central Bank of the Russian Federation are also blocked by sanctions.
The current decision is far from the optimism of the Russian leadership that it will cope with the economic and financial blockade. In any case, this act will have a very negative impact on tens of millions of Russians.
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