Russia’s allies crack down on cash ruble deposits as EAEU banks tighten rules

The report indicated that a number of financial institutions in Armenia have completely refused to accept cash ruble deposits.

In Belarus, at least eight banks have introduced a 2-5% commission on cash ruble deposits into non-resident accounts, specifically Alfa-Bank, Belarusbank, BelVEB, BNB-Bank, MTBank, Sber Bank, Technobank, and Zepter Bank.

Kazakhstan’s Bank CenterCredit (BCC) has introduced a 5% commission on ruble deposits processed through tellers, terminals, and ATMs.

Kyrgyzstan’s Eco-IslamikBank imposed a 5% fee on all SWIFT international wire transfers processed using physical Russian rubles.

Electronic ruble transactions, however, remain unaffected and continue under prior terms.

The most extensive restrictions are in Belarus, where more than a third of the country's 21 active banks have introduced fees on cash ruble deposits. For clients who opened accounts before June, the charges will be phased in gradually starting in July or August.

These banking measures follow an April 1 Kremlin decree restricting the export of physical rubles from Russia into EAEU territories. Under the mandate signed by Vladimir Putin, corporate entities and individual entrepreneurs are barred from exporting cash Russian currency regardless of the sum. Private citizens are capped at a cash limit equivalent to $100,000, with the restrictions targeting road and rail transport.

Russian Central Bank and Finance Ministry ramped up foreign currency purchases to replenish the depleted National Welfare Fund and cap ruble gains.