The Bank of Russia has announced a six-month extension of its restrictions on cash foreign currency withdrawals, maintaining these measures until March 9, 2026. This decision is a direct response to ongoing international sanctions that have limited domestic financial institutions' ability to acquire foreign currency from Western nations since early 2022.
For individuals who opened their foreign currency accounts or deposits before March 9, 2022, the limit for cash withdrawals remains at $10,000 USD or its Euro equivalent. Funds exceeding this amount will be disbursed in Russian rubles, irrespective of the original currency of the account or deposit, provided these withdrawal limits have not been previously utilized. Banks are still prohibited from charging commissions for dispensing currency from accounts or deposits. Additionally, foreign currency transfers not requiring an account, including those via electronic wallets, will continue to be settled in rubles.
Non-resident individuals will continue to be unable to obtain cash in U.S. dollars, Euros, British pounds sterling, or Japanese yen. However, there are no restrictions on other currencies, provided all operations comply with Russian legislation. Resident individuals are permitted to withdraw cash in U.S. dollars, Euros, British pounds sterling, and Japanese yen for specific purposes, such as covering business travel expenses, in accordance with established payment norms.
This latest extension follows a similar decision made on March 7, 2025, which prolonged these measures until September 9, 2025, indicating a sustained strategic approach to currency management. The continued application of these currency control regulations highlights the dynamic global financial environment shaped by sanctions. The increasing prominence of currencies like the Chinese yuan in trade settlements and the broader trend towards the fragmentation of the global financial system are significant outcomes of the current geopolitical landscape. The Bank of Russia's consistent implementation of these policies aims to foster predictability and stability within the national financial framework, adapting to evolving international economic conditions.