As sanctions bite, Russia puts restrictions on currency withdrawal, desperate citizens line up at ATMs | Video
India Today
Russia-Ukraine War News Latest Updates: Russia's Central Bank has announced strict currency restrictions which has seen citizens in Moscow standing in long queues at the ATMs once again.
The Central Bank of Russia, on Wednesday, tightened currency restrictions amid the harsh sanctions imposed by the West over the war in Ukraine, as reported by Nexta.
The central bank ordered Russia's commercial banks to cap the amount bank customers can withdraw from their foreign currency account at $10,000 in cash.
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The rest has to be withdrawn only in rubles at the market rate on the day of issue.
The Russian Central Bank has also temporarily stopped the selling of cash currency to citizens. The country has suspended the sale of foreign currencies until September 9, during which the banks will not be able to sell foreign currencies to citizens.
Additionally, during the period of temporary restrictions, the currency will be issued in US dollars, regardless of the currency of the account. Other currencies will be converted into dollars at the market rate on the day of issue, the bank said in a statement.
Citizens can continue to keep funds in foreign currency deposits or accounts.
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