Russian c-bank introduces rules for foreign currency ops by businesses
The Central Bank of Russia has introduced temporary rules for foreign currency cash operations conducted for businesses and individual entrepreneurs. The new rules will be valid from March 10, 2022 until September 10, 2022.
While the rules are in force, businesses and individual entrepreneurs who are Russian residents are allowed to receive up to $5,000 in cash in the following currencies: USD, JPY, GBP and EUR. This money may be used only for expenses related to business trips abroad. In special cases, the sum may be increased following regulatory approval.
Business and individual entrepreneurs who are Russian residents may receive other currencies in cash in line with the requirements set by the law.
Businesses and individual entrepreneurs who are not Russian residents will not be allowed to receive USD, JPY, GBP and EUR in cash while the temporary rules are in force. These entities, however, may receive other foreign currencies in cash.
The rest of the terms and conditions for accounts and deposits in USD, EUR, GBP and JPY, held by businesses and individual entrepreneurs as of March 10, 2022, stay the same.