Russian residents to be charged 30% commission when buying currency - ednews.net

27 June, Monday

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Russian residents to be charged 30% commission when buying currency

TASS reports that the Central Bank of Russia has introduced a 30% commission for individuals when buying currency at the currency exchange.

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“The 30% commission that brokers have to charge individuals when buying currency on the exchange simply levels the competitive playing field between banks and brokers. Banks can use the spread between the currency buying and selling rate,” the Central Bank said.
 
Western countries have decided to disconnect Russian banks from the SWIFT interbank settlement system. Belarus is also involved in the war against Ukraine and can help Russian banks bypass sanctions. In this regard, it is proposed to exclude the Belarusian financial institutions from the system, too. This will lead to businesses not being able to get money for goods sold abroad and pay for imports, experts say.

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