Russia Maintains Foreign Currency Deposits Access and Ruble Savings Considerations

The Central Bank of Russia has clarified that residents can still open foreign currency deposits in banks, denominated in dollars and euros. The bank’s official descriptions confirm that new foreign currency accounts can be opened at institutions offering this service. These accounts provide a way for individuals and companies to hold and manage funds in currencies beyond the ruble, reflecting ongoing access to diversified options within the Russian financial system. The regulator also notes that keeping savings in ruble accounts may offer advantages, potentially including higher interest rates or better alignment with domestic economic conditions. The central bank stresses that money held in U.S. dollars and euros within the accounts of both citizens and corporations remains secure and that transactions in those currencies can continue, reinforcing the continuity of foreign currency activity inside the Russian banking framework. (Source: Central Bank of Russia)