The Bank of Russia is lifting temporary capital control measures that banned individuals from buying foreign currency, the central bank said in a statement on its website on Friday.
Starting April 18, Russian citizens will once again be allowed to buy foreign currency at banks, as well as withdraw funds from their foreign currency accounts in both US dollars and euros up to $10,000 or its equivalent in euros, while amounts above this limit can be withdrawn in rubles. This limit is in place until September 9. The central bank noted that banks are only allowed to sell foreign currency banknotes that they received after April 9, 2022.
The regulator also scrapped the previously introduced 12% commission for buying hard currency through brokerages.
Last month, Russia placed restrictions on buying and withdrawing foreign currency to stem the drop in the ruble, which slid to historic lows after a number of Western nations slapped Russia with sanctions in retaliation for Moscow’s military operation in neighboring Ukraine.