Russians to be charged 30% commission when buying foreign currency

Thursday, 3 March  2022, 09:20 AM

The Central Bank of the Russian Federation has ordered all brokers to charge at least 30% commission when executing foreign currency (USD, EUR, GBP) purchase transactions requested by private individuals.

Source: Interfax

The instruction is in force until further notice.

"The 30% commission that brokers must charge private individuals when purchasing currency on foreign exchange is imposed to level the playing field for banks and brokers, since banks are able to use the spread between the buying and selling rates of the currency," explained the Central Bank.