Russian President Vladimir Putin signed a decree on Monday lifting restrictions recently imposed on bank deposits of foreign citizens and branches of foreign companies based in Russia, Reuters reported.
Moscow introduced special "C" bank accounts in 2022, serving as a financial blockade against countries that Russia perceives as "hostile". Funds belonging to foreign investors, large Western corporations and institutional funds are directed to these accounts and are effectively frozen.
From June 1 of this year, the bank accounts of foreigners from "hostile" countries were also frozen in special accounts of type "C".
However, according to the new amendments, these restrictions on withdrawals from bank deposits will no longer apply to foreign individuals, branches of companies based on Russian territory, and other structural units of foreign companies registered in Russia.
The decree stipulates that these categories of foreign depositors are free to dispose of their funds and withdraw amounts in Russian rubles equivalent to those that were credited to the accounts of type "C" from June 1 of this year until today, when the decree comes into force.