Exchange trading in Russia, taking into account new realities, sanctions, and restrictions
Every day, new sanctions are imposed on the Russian Federation and its citizens, and the country's government is also introducing restrictions on the foreign exchange market.
Currently, there are difficulties with using bank cards, transferring funds, purchasing foreign currency (cryptocurrency), and conducting exchange transactions.
Many traders are unclear about the extent to which current changes will affect investment activities and what can be done in the current situation.
We will attempt to analyze all the changes introduced and assess their real impact on exchange trading at an international brokerage company.
The main restrictions that have affected stock exchange trading in Russia in one way or another are:
- Account replenishment and withdrawal of funds - the problem only applies to transactions using bank cards issued by Russian banks subject to sanctions:
- Currency exchange transactions – when you deposit rubles into your brokerage account, they are automatically converted into the selected currency, most often the US dollar or euro. A 12% commission is waived.
- Cryptocurrency – After Russian users' accounts began being blocked on some cryptocurrency exchanges, many investors began using the services of cryptocurrency brokers :
- Legality of the operation – since March 1, there has been a ban on residents of the Russian Federation depositing foreign currency into their accounts in foreign banks.
Moreover, transfers using cards from other banks are carried out normally, and there are many other options with which you can transfer money – electronic payment systems, bank transfers, cryptocurrencies.
Afterwards, you can conduct exchange transactions using foreign currencies without risking losses on the ruble exchange rate. When withdrawing funds from your account, the currency is converted back into Russian rubles or transferred to your chosen currency bank account.
In addition to the fact that such companies have much lower exchange commissions, there is also a guarantee that you will not be blocked, since most international brokers are registered in independent jurisdictions.
The key word here is "your own"; a foreign currency account with a foreign brokerage company does not fall under the category of your personal bank account.
Therefore, all obligations to the state arise only after you transfer funds to your Russian bank account. And if the withdrawal is made in cryptocurrency, then only after the cryptocurrency is exchanged for rubles.
Essentially, it can be said that, despite the abundance of sanctions and restrictions imposed, none of them are critical, and you can safely conduct transactions with currencies, cryptocurrencies, buy gold, or buy securities of foreign companies, regardless of your citizenship.
The recommended broker in this situation is RoboForex - https://roboforex.org/. The company offers deposits and withdrawals using more than seventeen options, including cryptocurrencies.
