The United States imposes ban on dollar banknote export to the Russian Federation

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The order, in particular, prohibits the exportation, reexportation, sale, or supply, directly or indirectly, from the United States, or by a United States person, wherever located, of U.S. dollar-denominated banknotes to the Government of the Russian Federation or any person located in the Russian Federation.

“However, Russia-related General License (GL) 18 authorizes certain transactions that are ordinarily incident and necessary to the transfer of U.S. dollar-denominated banknotes for noncommercial, personal remittances from: 1) the United States or a U.S. person, wherever located, to an individual located in the Russian Federation; or 2)) a U.S. person who is an individual located in the Russian Federation,” the U.S. Department of Treasury notes.

GL 18 reportedly authorizes methods of payment including withdrawals of U.S. dollar-denominated banknotes via automated teller machines and the hand carrying of U.S. dollar-denominated banknotes.

GL 18 does not authorize U.S. financial institutions to process transactions for the provision of U.S. dollar-denominated banknotes to foreign financial institutions for further distribution or supply to the Government of the Russian Federation or any person located in the Russian Federation

Source: Asia-Plus