Since the evening of July 1, industry media have been widely reporting that Armenian banks have begun notifying clients about the introduction of a 10% fee on transactions in Russian rubles. According to these reports, the new charges apply to bank transfers as well as ruble-denominated deposits.
According to Forbes, the trend extends across the Eurasian Economic Union (EAEU). Many financial institutions in neighboring countries have tightened their policies on accepting cash rubles, introducing cash deposit fees of up to 5%. This is largely driven by a significant surplus of Russian banknotes outside Russia, following tighter domestic controls over cash circulation. Combined with the high cost of cash logistics, some foreign banks have stopped accepting physical rubles altogether.
We remain in close contact with our banking and brokerage partners in Armenia. At present, Wealth iQ's partner institutions continue to offer our clients the same pricing for non-cash ruble transactions. Higher fees may apply only when cash rubles are deposited in person.
According to Forbes, the trend extends across the Eurasian Economic Union (EAEU). Many financial institutions in neighboring countries have tightened their policies on accepting cash rubles, introducing cash deposit fees of up to 5%. This is largely driven by a significant surplus of Russian banknotes outside Russia, following tighter domestic controls over cash circulation. Combined with the high cost of cash logistics, some foreign banks have stopped accepting physical rubles altogether.
We remain in close contact with our banking and brokerage partners in Armenia. At present, Wealth iQ's partner institutions continue to offer our clients the same pricing for non-cash ruble transactions. Higher fees may apply only when cash rubles are deposited in person.