The Central Bank has published an explanation to the currency control measures

The Central Bank has published an explanation to the currency control measures, which allows residents to convert rubles into foreign currency in foreign bank accounts.

The clarification concerns the application of the provisions of Presidential Decree No. 79 of February 28, 2022 “On the Application of Special Economic Measures with Regard to the Unfriendly Actions of the United States and Adhering Foreign States and International Organizations”, which prohibited residents from crediting foreign currency to foreign bank accounts active from March 1 .

The ban does not apply to crediting rubles to accounts in foreign banks, the Central Bank specified. “The resident also has the right to subsequently convert these ruble funds into foreign currency and credit them to their account in a foreign bank or transfer them to another person’s account in a foreign bank,” the clarification says.