The Central Bank allowed the export of foreign currency in the amount of more than $10,000 to VEB and authorized banks
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“The decision provides that authorized banks and VEB.RF will be able to export banknotes withdrawn from circulation or announced for withdrawal from circulation for their exchange. Provided that the same amount of foreign currency in cash is re-imported into Russia, it will be enough to send a notification of the planned operation to the Bank of Russia,” the message says.
The press service of the Bank of Russia added that VEB.RF and authorized banks have the opportunity to obtain permission to export foreign currency in cash for other cases that are not related to foreign trade activities or the return and provision of loans. It is noted that this is possible only if the same amount of foreign currency is re-imported. The regulator acquired the right to issue the aforementioned permit by Decree of the President of the Russian Federation of October 15, 2022 No. 737.
In October, Russian President Vladimir Putin gave the right The Bank of Russia to issue a permit to export more than $10,000 abroad. According to the document, the issuance of permits “is carried out in the cases and in the manner established by the board of directors of the Central Bank of Russia.” The Central Bank also received the right to give official clarifications on the implementation of this decree.
March 1, 2022 Russian President signed a decree that prohibits the export of cash foreign currency from Russia in the amount of more than $10,000 from March 2, 2022. The document was adopted in connection with the unfriendly actions of the United States and foreign states and international organizations that joined them, related to the introduction of sanctions restrictions against Russia.
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