Six major Russian brokers have introduced restrictions on the withdrawal of foreign currency from accounts

Russian brokers “Finam”, “Aton”, ITinvest, “Digital Broker” And BCS set the minimum amount for withdrawing funds from customer accounts in US dollars at $15,000. BCS also introduced a minimum withdrawal limit of €5,000. Broker KIT Finance completely limited the withdrawal of funds and replenishment of accounts in US dollars and euros. The publication drew attention to the restrictions imposed Frank Media.

Brokers Finam, Aton, ITinvest, Digit Broker and BCS explained the introduction of limits by the fact that their intermediary bank changed the requirements for making payments and withdrawing funds from accounts. At the same time, BCS reported that the counterparty bank had set a minimum withdrawal amount for dollars and euros, while Finam and Tsifra Broker announced the bank’s limit only for dollars.

“Anton”, “Finam” and “Tsifra broker” indicated in the client mailing list that their partner bank was the Russian Raiffeisenbank. Brokers noted that the restrictions imposed will not affect this bank. February 21 Raiffeisenbank informedwhich from March 2 will increase the minimum amount of outgoing transfer in US dollars to $15,000 for legal entities, individual entrepreneurs and individuals engaged in private practice.

The only broker that called anti-Russian sanctions the reason for the restrictions was KIT Finance. The broker completely blocked the withdrawal and replenishment of the account in euros and dollars. According to Frank Media, KIT Finance’s counterparty in dollars was Bank Saint Petersburg (BSPB), and in euros it was Bank GPB International (Gazprombank’s subsidiary in Luxembourg). February 24 US and UK, and February 25 EU introduced sanctions against Bank Saint Petersburg.

On February 24, the day of the anniversary of the armed conflict in Ukraine, the United States expanded sanctions against the Russian banking sector. In addition to Bank Saint Petersburg, Primorye, Uralsib, Zenit, Levoberezhny, Lanta Bank, Metallinvestbank, Moscow Credit Bank, MTS Bank, SDM Bank, Ural Bank for Reconstruction and Development were subject to restrictions. Under the British sanctions fell “Uralsib”, MTS Bank, “St. Petersburg” and “Zenith”. The next day about a new package of restrictions announced EU authorities. Alfa-Bank, Rosbank and Tinkoff-Bank fell under European sanctions.

On the consequences of new sanctions for the Russian financial system – in the material “Banks closed the window to Europe”.

Erdni Kagaltynov