Since April 18, the Bank of Russia has allowed the sale of cash currency to citizens. This opportunity will be valid until September 9, 2022. At the same time, banks can only sell the currency that has entered the cash desks since April 9, the Russian Central Bank specified.
In addition, from April 11, the Central Bank allowed Russians to withdraw cash in dollars and euros from foreign currency accounts or deposits opened before March 9.
The partial return of the free sale of cash currency by banks is intended to curb the development of the black market that has already begun.
The Central Bank of Russia, in response to the imposed sanctions due to the Russian invasion of Ukraine, banned banks from exchanging cash rubles for foreign currency for citizens. Until September 9, customers could withdraw cash at the cash desks of banks, and not at ATMs, only from previously opened accounts and deposits, and only in dollars within 10 thousand dollars. Individuals could buy currency only in a non-cash form; it was impossible to do this at a branch with subsequent cash receipt.
After the bans imposed by the Central Bank, there were reports of the emergence of a shadow currency market on social networks. So, for example, Kommersant wrote that telegram channels publish “up-to-date information about possible places to buy a dollar” or an exchange of information about how much currency someone has and at what price they are ready to sell it, or, conversely, how much currency a person needed and how much he is willing to pay.
At the beginning of April, as reported RBC agency, the Central Office of the Federal Tax Service instructed its territorial bodies to organize interaction with the Ministry of Internal Affairs to identify violations related to the purchase and sale of foreign currency bypassing banks. The sale of foreign currency from hands in social networks, telegram channels and services with announcements “under the current conditions poses a threat to the stability of the currency of the Russian Federation and the stability of the domestic foreign exchange market,” RBC quoted a letter from the Federal Tax Service.