Foreign companies and individual entrepreneurs will not be able to receive US dollars, euros, pounds sterling and Japanese yen in Russia from March 10 to September 10, the press service of the Central Bank reported. In general, a temporary procedure for operations with cash currency will operate in the country for the specified period.
“Legal entities – non-residents and individual entrepreneurs – non-residents will not be able to receive cash in US dollars, Japanese yens, pounds sterling and euros during the period of validity of the temporary procedure for transactions with cash. Non-residents will be able to receive the rest of the currencies from their accounts without restrictions at the market rate on the day of issue,” the Central Bank said in a statement.
For Russian residents, different rules will apply. They are entitled to receive the specified currency in the amount of up to $5,000 to cover the costs of business trips abroad. It is noted that “in special cases” the limit may be increased. To do this, the bank must contact the Central Bank. The measure does not apply to other currencies.
A day earlier, the Central Bank introduced a new procedure for issuing funds from foreign currency deposits or accounts of citizens, which will be valid from March 9 to September 9. In accordance with the rules, a client can withdraw up to $10,000, and receive the rest in rubles at the rate that will be on the day the funds are issued. Regardless of the currency in which the account is opened, the money will be provided in US dollars.
In addition, the Central Bank introduced a commission for the purchase of foreign currency on the stock exchange. It is 12% of the total amount for both individuals and legal entities.
Also, Russian President Vladimir Putin signed a decree prohibiting the export of cash foreign currency worth more than $10,000 from Russia from March 2. In addition, from March 1, Russian companies and citizens are prohibited from crediting foreign currency to their accounts and deposits abroad, as well as conducting foreign exchange transactions with electronic wallets.
The measures are being implemented in connection with the sanctions imposed by the European Union (EU), the United States and a number of other countries against Russia for the military operation in the Donbass and Ukraine. In particular, Western states banned any transactions with Russian government agencies and the Central Bank. Restrictive measures are extended to the Russian public debt. The US, EU and other countries have explained that in this way seek to cut off Russia from the ability to receive funds abroad. Part of the international reserves of the Central Bank due to sanctions also turned out to be “frozen”. The EU has banned the provision of euro banknotes to Russia.