From March 9 to September 9, 2022, the Bank of Russia introduced a temporary procedure for operations with cash currency, as reported in the press service of the regulator.
“All client funds on foreign currency accounts or deposits are saved and accounted for in the deposit currency, the client can withdraw up to $10,000 in cash, and the rest of the funds in rubles at the market rate on the day of issuance,” the message says. “Gazeta.Ru”.
As explained in the Central Bank, the market rate on the day of issue is calculated on the basis of data on the weighted average rate of the relevant currencies, calculated on transactions concluded at organized auctions on the day preceding the day of issue.
During this temporary order, the currency will be issued in US dollars, regardless of the currency of the account. Conversion of other currencies to USD will be at the market rate on the date of issue. The transaction can be carried out at the bank’s cash desk.
“In Russian banks, about 90% of foreign currency accounts do not exceed $10,000, that is, 90% of holders of foreign currency deposits or accounts will be able to fully receive their funds in cash,” the Central Bank noted.
The Bank of Russia notes that citizens can continue to keep funds in foreign currency deposits or accounts. All funds are kept and accounted for in the currency in which the account or deposit was opened. Interest on deposits will be calculated, as usual, in the currency in which the deposit was opened. Citizens will be able to open new foreign currency accounts and deposits, but it will be possible to withdraw funds from them, while the temporary procedure for operations with cash currency is in effect, in rubles at the market rate on the day of issue.
Previously March 6th press office The Central Bank of the Russian Federation announced that transactions with bank cards of Visa and MasterCard payment systems are processed within the country and sanctions do not affect them. Visa and MasterCard on the eve announced the imminent suspension of operations in Russia due to a special operation in the Donbass.
The regulator indicated that all cards of these systems, issued by Russian banks, will continue to operate in Russia as usual until their expiration date. At the same time, the funds of clients that are on the accounts linked to such cards are fully saved and available.
Russian President Vladimir Putin on March 1 signed a decree on the introduction of additional temporary economic measures to ensure financial stability in the country. It is clarified that the decision is connected with “unfriendly and contrary to international law actions of the United States and foreign states and international organizations that have joined them,” which are aimed at imposing sanctions on citizens and legal entities of Russia.
Against the background of the operation to protect the Donbass, which Russia announced on February 24, Moscow faced sanctions from Western countries. On March 1, the UK imposed restrictions on correspondent accounts of Sberbank, and also banned clearing operations in pounds. The permanent representatives of the EU countries agreed to disconnect VTB, Promsvyazbank, Sovcombank, Rossiya and Otkritie banks, Novikombank and VEB.RF from the SWIFT system of interbank payments.
The sanctioned Sberbank and Gazprombank were not included in this list. Sberbank decided to leave the European market.
For more up-to-date videos and details about the situation in Donbass, watch the Izvestia TV channel
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