The Bank of Russia has clarified the procedure for converting currency purchased on the stock exchange through a brokerage company into cash. For the time being, this is not possible due to restrictions previously imposed on banks when dealing with foreign currency, RBC writes with reference to the regulator’s message.

“Issuance of cash foreign currency is possible only through banks. Brokers have no right (and have never had such a right) to issue foreign currency to their clients. In case of purchase of foreign currency through a brokerage account, the client can receive funds only after the broker transfers this currency to the client’s current currency account with the bank. As long as the temporary procedure for cash currency transactions is in effect, funds in foreign currency, received on the account after 00:00 MSC on March 9, 2022, will be impossible to receive in cash,” the Central Bank said in its commentary.

At the same time, the purchase of currency through a broker is not prohibited. Since March 4, the Bank of Russia has reduced the commission for clients – individuals for the purchase of currency through brokerage companies from 30% to 12%. The Central Bank also decided to set the commission for legal entities for similar transactions at 12% of the transaction amount.