MOSCOW -- The Bank of Russia has prolonged restrictions that limit hard-currency withdrawals from bank accounts until March next year amid the country's financial isolation from the West sparked by Moscow's invasion of Ukraine.
The country's central bank said in a statement on August 1 that the restrictions introduced following unprecedented sanctions imposed on Russia by the West in early March over its war in Ukraine, will remain in place until at least March 9, 2023.
Under the restrictions, clients of banks in Russia cannot withdraw more than $10,000, or the sum's equivalent in euros. Sums beyond that amount can be only withdrawn in rubles at a rate set out by the central bank.
Also, only money that was deposited to bank accounts before March 9, 2022, can be withdrawn.
Banks, meanwhile, can only sell dollars and euros that were obtained before March 9 this year.
Foreign companies and nonresidents of Russia are barred completely from withdrawing dollars and euros.
The measures were introduced to support the ruble in the face of the sanctions.
