Russia Maintains Cash Withdrawal Restrictions as Regulatory Stance Remains Unchanged
The central banking authorities in Russia continue to uphold restrictions on withdrawing cash in foreign currencies, a policy that has not been lifted since it was first implemented. This stance was communicated in a formal briefing to the State Duma by Dmitry Tulin, who serves as the first deputy chairman of the Central Bank of the Russian Federation. The remarks, conveyed through Interfax at the time, underscored the government’s position that cash movements into and out of the country are tightly regulated and that these controls are part of a broader monetary policy framework aimed at stabilizing the financial system and managing international liquidity pressures.
Tulin emphasized that large inflows of cash in foreign currencies, such as tens or even hundreds of billions of dollars and euros, are not subject to import restrictions in the sense that they cannot be introduced into Russia; rather, the issue centers on how such cash is circulated within the country and abroad. He noted that there is no provision allowing unrestricted cash circulation from these flows, and he added that not only are friendly or neutral states reluctant to see their currencies circulate freely in domestic or cross-border cash markets, but the central bank also monitors and adjusts interactions with these currencies to prevent imbalances in the monetary system. In practical terms, this means a cautious approach to foreign cash handling and a deliberate preference for noncash transaction channels when possible, with the aim of enhancing oversight and reducing the risk of illicit cash movements across borders.
According to the regulator’s top leadership, there has also been a shift away from cash payments involving Chinese yuan and other foreign currencies. The central bank indicated that cash Chinese yuan can be purchased, but the overall trend points to a reduction in cash usage for yuan and a continued absence of cash dollars within the domestic financial ecosystem. The governor’s office stressed that the cash dollar supply will be curtailed further as part of ongoing policy measures designed to strengthen financial resilience and support sustainable fiscal management.
On March 6, authorities announced an extension of the existing restrictions on withdrawal of foreign currency cash through September 9, 2023. Individuals who opened a foreign currency account or deposit prior to March 9, 2022 are still eligible to withdraw up to 10,000 USD or an equivalent amount in Euros, provided that they have not previously taken advantage of this withdrawal opportunity. In tandem with this extension, the central bank also extended for six months the prohibition on charging commissions to citizens for issuing foreign currency from accounts or deposits. These moves reflect a deliberate policy that seeks to balance consumer access to foreign currency with broader macroprudential goals and currency stability, while maintaining a clear framework for how and when individuals can access foreign cash under specific circumstances. The regulatory narrative, as reported by official channels, frames these measures as prudent steps to ensure orderly currency markets and to deter speculative or destabilizing cash flows in uncertain or volatile global conditions.