As of today, Russia suspends trading in foreign cash until September. This was announced by the Russian central bank in the evening.
The Russian central bank imposes drastic restrictions on foreign exchange trading in view of the western sanctions in the Ukraine war.
According to the central bank, Russian banks will no longer be able to sell foreign cash to citizens. The package of measures applies from Wednesday until September 9th.
This also means that you can only withdraw cash in foreign currency from a foreign exchange account up to an amount of 10,000 dollars (around 9,200 euros). For higher amounts, the rest is paid in rubles at the daily exchange rate. Regardless of what currency the accounts are held in, one can only get dollar cash. On the other hand, there are no restrictions on exchanging foreign currencies for rubles.
At the same time, the central bank pointed out that 90 percent of accounts held in Russian banks in foreign currencies were less than $10,000.
Sanctions imposed over Russia’s war of aggression against Ukraine have plummeted the ruble and made it harder for Russia to access foreign currencies. In addition, the high reserves of the Russian central bank of more than 600 billion dollars are effectively blocked. Stock trading on the Moscow stock exchange has been suspended for more than a week because of the sanctions.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
