Exchange trading in Russia taking into account new realities, sanctions and restrictions
Every day more and more sanctions are introduced on the Russian Federation and its citizens, and the government of the country itself also introduces restrictions on the foreign exchange market.
At the moment, there are difficulties with using bank cards, when transferring funds, purchasing foreign currency (cryptocurrency) and carrying out stock exchange transactions.
Many traders are not entirely clear how much the existing changes will affect investment activities and what can be done in the current situation.
We will try to analyze all the introduced changes and assess their real impact on stock trading in an international brokerage company.
The main restrictions that in one way or another affected exchange trading in Russia:
- Account replenishment and withdrawal of funds - the problem is observed only for transactions using bank cards issued by Russian banks that are subject to sanctions:
- Currency exchange transactions - when you top up your broker account with rubles, they are automatically converted into the selected currency, most often the US dollar or euro. In this case, the 12% commission is not charged.
- Cryptocurrency – after the accounts of Russian users began to be blocked on some cryptocurrency exchanges, many investors began to use the services of cryptocurrency brokers :
- Legality of the operation - from March 1, there is a ban on residents of the Russian Federation crediting foreign currency funds to their accounts in foreign banks.
At the same time, transfers using cards from other banks proceed normally, in addition, there are a lot of other options with which you can transfer money - electronic payment systems, bank transfers, cryptocurrencies.
Afterwards, you carry out exchange transactions using foreign currencies, without the risk of losing on the ruble exchange rate. When withdrawing funds from your account, the currency is again converted into Russian rubles or the transfer is made in the currency you have chosen to your foreign currency account at the bank.
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 “Own”; a foreign currency account with a foreign brokerage company does not belong to 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 after the cryptocurrency is exchanged for rubles.
In essence, we can say that, despite the abundance of imposed sanctions and restrictions, all of them are not critical and you can safely carry out transactions with currencies, cryptocurrencies, buy gold or securities of foreign companies, despite your citizenship.
The recommended broker in this situation is the RoboForex company - https:/roboforex.org/ the company has the ability to deposit and withdraw money using more than seventeen options, including cryptocurrencies.