Thursday, February 29, 2024

Suspension of the sale of foreign currencies until September 9 in Russia

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Maria Gill
Maria Gill
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The Russian Central Bank announced in a statement on Wednesday that the sale of foreign currency in Russia will be suspended until September 9, as it has been subjected to unprecedented Western sanctions over Russia’s military intervention in Ukraine.

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The statement said that between March 9 and September 9 2022, “banks will not be able to sell foreign currency to citizens,” adding that Russians will, however, be able to exchange foreign currency for rubles during this period “at any time. At any time and in any amount.”

The withdrawal of cash from foreign currency accounts opened in Russian banks will also be limited to 10 thousand US dollars until September 9, and the rest can be withdrawn only in rubles at the current exchange rate, according to the same source.

Regardless of the account currency, withdrawals can only be made in US dollars and only at the cash desk, the statement said, noting that the deadline for any such transaction should be “several days.”

On Monday, the ruble broke new records of weakness against Western currencies as Russia came under unprecedented Western sanctions targeting the central bank and Russia’s largest banks in particular.

On Tuesday, the Russian economy was dealt a new blow, with the embargo imposed by US President Joe Biden on US imports of Russian oil and gas.

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