President Vladimir Putin has signed Presidential Decree No. 550, officially removing bank deposit restrictions on foreign individuals. Signed on August 4, 2026, the new decree excludes foreign private savers from counter-sanctions rules and allows eligible customers to recover rubles that were previously credited to restricted Type C accounts.
This policy correction took just 64 days from start to finish, sending a strong signal that Russian authorities are actively working to protect foreign investors and private foreign residents.
How the Deposit "Freeze" Happened
The issue began on June 1, 2026, when Decree No. 377 extended special counter-sanctions settlement rules to bank deposits. Under the original 2022 framework (Decree No. 95), obligations over 10 million rubles owed to foreign creditors from “unfriendly” states had to be paid in rubles into restricted Type C accounts.
Because Decree No. 377 was very brief, major Russian banks (including Sberbank, Alfa-Bank, and VTB) interpreted the law very conservatively. Many banks combined the balances of all their foreign clients together to hit the 10 million-ruble threshold.
As a result, even ordinary foreign residents, including foreign workers, students, and Golden Visa applicants holding less than 1 million rubles (about $11,900), found their personal savings accounts suddenly frozen or moved into restricted Type C accounts.
The Two-Step Government Correction
Russian authorities acted quickly to fix the overbroad banking interpretation:
- Central Bank Clarification (July 14): The Bank of Russia issued Official Clarification No. 1-OR. It confirmed that restrictions apply only to formal deposit contracts (not everyday checking accounts) and forced banks to calculate the 10 million-ruble threshold separately for each individual depositor rather than combining all client funds.
- Presidential Decree No. 550 (August 4): President Putin officially updated the law to grant private foreign individuals a complete exemption from the Type C deposit regime.
Crucially, Decree No. 550 allows foreign individuals and Russian-registered foreign business units to retrieve, in rubles, any funds that banks had incorrectly transferred to Type C accounts between June 1 and August 4.
Unlocking Type C Accounts via the Golden Visa
The deposit exemption is part of a broader strategy by Moscow to attract and retain foreign capital. Russia separately operates “In” accounts for foreign investors bringing new capital into the country, offering guaranteed foreign currency conversion and withdrawal rights.
For foreign investors holding frozen legacy assets in Type C accounts, acquiring permanent residency offers a clear legal path to unlock those funds. Under Russian currency law (Federal Law No. 173-FZ), foreign nationals who hold a Russian residence permit are classified as currency residents.
Once an investor obtains permanent residency, such as through the Russian Golden Visa (Investor Residence Program), they can present their residency documentation to their bank, convert their Type C account into a standard bank account, and access their money freely.
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