Rebuild U

Business Development for the Future

Central Bank of Russia Restrictions on Dollar Trading Up to $10,000 in Cash Withdrawals

The Central Bank of Russia announced on April 9 that it will introduce regulations regarding foreign currency transactions. Individual depositors will be allowed to withdraw up to $10,000 (approximately 1,150,000 yen) in cash from their dollar-denominated accounts, and any further withdrawals will be converted into rubles. The restriction will be in effect from March 9 to September 9. The move is intended to address the shortage in the supply of dollars due to economic sanctions imposed by the U.S., Europe, and Japan in response to the military invasion of Ukraine.

Nihon Keizai Shimbun Reuters.