The restrictions on cash transactions in Russian rubles at Armenian banks are linked to limitations on the acceptance of cash rubles in Russia, as reported by the Union of Banks in response to a query from Azatutyun:
The restrictions apply to financial organizations operating outside of Russia, including those in the Eurasian Economic Union:
No additional clarifications have been provided regarding why Russia is limiting the acceptance of its currency. The Central Bank of Russia's website only contains a circular from May 20 regarding more thorough checks on cash transactions to prevent potential money laundering and other illegal activities:
At the same time, the circulation of cash in Russia has been steadily increasing, with Kommersant reporting that from January to June, cash growth amounted to 1.4 trillion rubles, the highest figure in the last six years:
Economist Suren Parsiayn believes that this situation has arisen due to the outflow of cash from Russia:
"This is not related to the activities of our migrant workers; it is more related to the outflow of capital from Russia in recent months, and to mitigate the impact of that outflow, our banks began to implement such a policy," the economist stated:
Starting from mid-July, many banks in Armenia will charge a commission of 5-10% for depositing cash rubles:
Banks have also established a significant difference in exchange rates for cash rubles:
There is no official statistics on the inflow and outflow of cash in Armenia, but transfers of Russian rubles have increased fivefold on average since 2022 compared to 2021:
