Media: Several Armenian banks stop accepting Russian cash rubles

Several banks across the Eurasian Economic Union (EAEU) have tightened restrictions on cash transactions involving Russian rubles since June, with some Armenian lenders reportedly suspending such operations altogether, RBC reports.

The report says that at least eight Belarusian banks have introduced commissions ranging from 2% to 5% for cash ruble deposits into current accounts held by non-residents. The banks include Alfa Bank, Belarusbank, BelVEB, BNB-Bank, MTBank, Sber Bank, Technobank, and Zepter Bank. Based on information published on their websites, these institutions account for more than one-third of Belarus' operating banking sector.

In Kazakhstan, Bank CenterCredit (BCC) has imposed a 5% commission on cash ruble deposits made by non-residents through bank branches, terminals, and ATMs, according to the bank's press release.

Kyrgyzstan's EcoIslamicBank has also introduced a 5% fee for cash ruble deposits as well as SWIFT transfers conducted in Russian rubles.

In Armenia, several banks have reportedly taken even stricter measures by suspending cash transactions in Russian rubles altogether, including cash deposits into customer accounts, Olga Burtseva, Head of Banking Relations at FTL Advisers, told RBC.

"Non-cash transactions in Russian rubles continue to be carried out under the same conditions as before, which is a key factor confirming that the issue is specific to cash transactions," Burtseva said.

According to the report, no banks in Belarus, Kazakhstan, or Kyrgyzstan have officially announced any restrictions on non-cash transactions involving Russian rubles.

By Vafa Guliyeva