The Central Bank of Russia extended the limits on cash withdrawals in foreign currency for an additional six months, pushing the deadline to March 9, 2023. This update was communicated through the regulator’s press service and shared publicly for citizens and financial institutions to review.
For those who did not manage to use the foreign currency withdrawal concession before March 9, 2022, the rule remained that only funds that had been credited to an account or deposited prior to March 9, 2022 could be withdrawn in foreign currency. All other funds could still be obtained in rubles at the market rate on the withdrawal day, as stated by the regulator. This clarification helped maintain liquidity management while aligning currency access with the new regulatory framework.
Additionally, the Central Bank extended the prohibition on purchasing foreign currency by Russian residents through March 9 of the following year. After April 9, 2022, credit institutions were authorized to sell only Euros and US Dollars that were already held within their vaults, limiting new foreign currency inflows for domestic buyers. This measure reflected ongoing policy aims tied to broader sanctions and macroprudential considerations, and was described as part of the currency regime adjustments being monitored by the Bank.
The Central Bank’s decision to extend these restrictions was framed as a direct response to anti-Russian sanctions and related economic developments. By reiterating the continuity of controls, the regulator signaled its intent to maintain a controlled currency environment amidst evolving external pressures and domestic risk factors.
During that period, market observers noted industry discussions about how the ruble’s exchange rate against the dollar and the euro might be determined if spot trading in those currencies were to halt. Such discussions appeared in coverage on financial media, with the central question centering on how authorities would preserve orderly pricing and settlement in a scenario of limited currency liquidity. The regulator and market participants reportedly engaged in ongoing dialogue to model potential outcomes and prepare contingency plans.
Subsequent statements indicated that the Bank was actively exploring various scenarios for currency trading cessation while continuing to monitor sanctions dynamics. In this context, actions and communications were aimed at providing clarity to banks, financial services firms, and the public, ensuring that any policy shifts could be anticipated and implemented with minimal disruption to financial stability. (Regulator press service attribution).