Go Back

The RF continues imposing measures in response to sanctions imposed by several Western states

9 March 2022

The Central Bank of Russia issued instructions regarding limitations on cash withdrawals from deposits and currency accounts by individuals on March 9th 2022. The instructions include several limitations. According to those, clients may withdraw cash from deposits and currency accounts only in RUB or USD (other foreign currencies shall be converted into the market rate of USD upon withdrawal), clients may withdraw cash from deposits and currency accounts only in RUB at the market rate if such accounts were opened after the imposition of these limitations, clients may withdraw cash from deposits or currency accounts in a collected sum of up to 10,000 USD (for such deposits and accounts opened before the issuance of these limitations) with any further cash being withdrawn at the market rate in RUB. In addition, a suspension was introduced on the sale of foreign cash currency to individuals. These measures are said to be effective until September 9th 2022. More information on these new instructions imposed by the CBR on March 9th 2022 can be found here (in Russian).

In addition, on this day, the RF government enacted Governmental Decree No. 311 “On measures to implement the Presidential Decree No. 100 dated March 8th 2022“ and Governmental Decree No. 312 “On establishment on temporary basis of a permissive procedure for exportation of particular types of goods outside the RF“ pursuant to Presidential Decree No. 100 (as aforementioned). Under these new decrees, exportation of certain agricultural machinery, equipment, vehicles, industrial products and other goods is now subject to approval. In addition, under these, exportation of particular pharmaceutical equipment, products, vehicles, electronics and other goods is now prohibited. These measures will be effective until December 31st 2022. More information on the measures published by the RF on March 9th 2022 can be found here (in Russian).