The Central Bank of Russia has refuted claims that strict limits on ATM cash withdrawals went into effect on June 1st. These rumors, circulating on Telegram channels, stated a daily limit of ₽50,000 for all citizens.

The regulator clarified that while changes are coming, they will not occur until September 1, 2025, and will only affect specific cases. Amendments to banking laws grant banks the right to temporarily restrict cash withdrawals if they suspect a client is being defrauded.

In such instances, banks can limit withdrawals to ₽50,000 per day for a maximum of 48 hours. This restriction applies to all payment cards, including credit cards. Clients needing more cash during this period must visit a bank branch with identification.

The Central Bank aims to protect clients from fraud with this measure, allowing them to refuse withdrawals and prevent fraudsters from accessing their funds. Yuri Lyandau, a professor, suggests banks should prioritize security over offering insurance services.

Igor Rastorguev, an analyst, adds that the Central Bank also aims to combat the shadow economy and money laundering. He believes ordinary citizens with legitimate transactions will not be significantly affected.

Saida Machavariani, a credit brokerage agency owner, notes this may push Russians towards cashless payments, potentially inconveniencing the elderly and those in regions with limited digital infrastructure. She also points out that fraud extends beyond cash schemes, including phishing and fake websites.

Machavariani argues that a comprehensive approach is needed, including financial literacy, stricter transaction controls, advanced security technologies, and effective crime investigation. Lyandau believes banks should have implemented stricter restrictions earlier to combat the surge in fraud.