Tsifra Broker will conduct a forced currency conversion on July 31 – Kommersant
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Investment company “Tsifra Broker” July 13 approved a new customer service agreement with brokerage accounts and individual investment accounts (IIAs), which will enter into force on July 28. It spells out the conditions for the forced currency conversion planned for July 31. The broker warned about this back in April.
According to the press release (.pdf), if on July 31 at the beginning of the day the account balance is less than €100, then the broker will convert them at the exchange rate into rubles. No commission details are provided. If the client has a balance in currencies and precious metals that are not traded on the Moscow Exchange, then the assets will be converted into rubles at the broker’s rate with his commission for a transaction on the foreign exchange market at the current rate.
From July 3 “Digital Broker” imposed restrictions to withdraw customer funds in euros to accounts in Russian banks, as well as in credit institutions in several countries. The only exception was Raiffeisenbank – withdrawing money in euros to accounts in this financial institution is still available to the company’s clients.
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