At least eight Belarusian banks, including Alfa-Bank, Sberbank and Belaruskbank, have set commissions of 2% to 5% for accepting cash rubles into current accounts, RBK reported. The measures, which took effect in June, also extend to lenders in other Eurasian Economic Union (EAEU) member states.
Kazakhstan's Bank CenterCredit introduced a 5% fee for non-residents depositing cash rubles through tellers, terminals and ATMs. In Kyrgyzstan, EcoIslamicBank imposed a 5% commission both for cash ruble deposits and for SWIFT transfers.
Some Armenian banks have suspended operations with cash Russian rubles altogether, including deposits into accounts, according to Novaya Gazeta Europe. Non-cash ruble transactions continue on previous terms, the outlet said.
The commissions come amid a sharp increase in the inflow of cash from Russia, RBK reported, citing bank sources who linked the trend to tighter oversight of large transactions inside Russia. In late March, President Vladimir Putin signed a decree banning individuals from taking more than the equivalent of $100,000 in cash rubles out of Russia to EAEU countries. The ban applies to individual entrepreneurs and legal entities regardless of the amount, with an exception for cash carried through Russian international airports.
The Insider added that banks may now request proof of the source of funds for large deposits, and the Central Bank has recommended monitoring such transactions. The volume of cash in circulation in Russia rose by 381.2 billion rubles in May and by one trillion rubles since the start of the year. The Central Bank attributed the trend to “adaptation to tax changes” and mobile internet outages, which it said are prompting households and businesses to build up cash reserves for everyday payments.