In a written statement, the central bank said that “banks will not sell cash currency to citizens during the term of the temporary order”, adding that “it will be possible to exchange cash currency for rubles at any time and in any volume.”

“All customer funds on foreign currency accounts or deposits are stored and accounted for in the deposit currency, the customer can withdraw up to 10 thousand US dollars in cash, and the remaining funds are in rubles at the market rate on the day of issue,” the statement noted.

According to the statement, during the period of validity of this temporary order, the currency will be issued in US dollars, regardless of the currency of the account.

The conversion of other currencies into the US dollar will take place at the market rate on the day of issue.

International sanctions have been imposed during the Russo–Ukrainian War by a large number of countries against Russia and Crimea following the Russian invasion of Ukraine, which began in late February 2014.

The sanctions were imposed by the United States, the European Union (EU) and other countries and international organizations against individuals, businesses and officials from Russia and Ukraine. Russia responded with sanctions against a number of countries, including a total ban on food imports from Australia, Canada, Norway, Japan, the United States and the European Union.

The sanctions by the European Union and United States continue to be in effect as of February 2022. In January 2022, the EU announced the latest extension of sanctions until 31 July 2022.

Following Russia's invasion of Ukraine in February 2022, the United States, the European Union, and other countries, including China, introduced or significantly expanded sanctions to include Vladimir Putin and other government members, and cut off "selected Russian banks" from SWIFT, triggering the 2022 Russian financial crisis and massive international boycott of Russia and Belarus. (ILKHA)