Banks Across Eurasian Economic Union Introduce Fees on Cash Ruble Deposits

Since June, banks across the Eurasian Economic Union (EAEU) have tightened conditions for cash ruble deposits, according to Russian business news outlet RBC.

In Belarus, at least eight banks have introduced fees of 2–5% for depositing cash rubles into current accounts. Kazakhstan’s Bank CenterCredit has imposed a 5% fee on cash ruble transactions for non-residents at tellers, terminals, and ATMs. In Kyrgyzstan, EcoIslamicBank has set a 5% fee on both cash ruble deposits and SWIFT transfers. Some Armenian banks have gone further, suspending operations involving cash rubles altogether, including deposits into accounts.

The fees emerged amid a sharp rise in cash ruble inflows from Russia. Sources who spoke to RBC linked the trend to tightening oversight of large transactions inside Russia.

In late March, Russian President Vladimir Putin signed a decree prohibiting individuals from taking more than the equivalent of $100,000 in cash rubles out of Russia to EAEU countries. For sole proprietors and legal entities, the ban applies regardless of the amount. The only exception is for cash rubles transported through Russia’s international airports.