Armenian banks have the right to determine the terms of cash ruble transactions: the regulator has not imposed any restrictions
08.07.2026,
12:09
Recently, Russian media reported that some Armenian banks have stopped accepting Russian banknotes, conducting transactions with Russian cash, and accepting it into accounts.
YEREVAN, July 8. /ARKA/. Recently, Russian media reported that some Armenian banks have stopped accepting Russian banknotes, conducting transactions with Russian cash, and accepting it into accounts.
To clarify the situation, ARKA News Agency sent inquiries to the Central Bank of Armenia, as well as several local banks, asking them to comment on whether there are indeed restrictions or problems in the banking system related to the acceptance of Russian ruble cash.
No regulatory restrictions have been imposed.
The Central Bank of Armenia told ARKA News Agency that the regulator has not made any decisions regarding restrictions on banks accepting Russian ruble cash and has not communicated with any financial institutions.
"Banks, based on current regulations, their own risk assessments, and risk management policies, independently make decisions on establishing business relationships with clients and on the terms of providing certain services, including cash deposits," the Central Bank stated.
The Central Bank added that financial institutions must independently organize their activities in accordance with Armenian law, international laws, and the legal requirements of their partner countries.
What banks say
IDBank told ARKA that it continues to accept Russian rubles in cash and that there are currently no restrictions.
"We have no further comment regarding media publications," the bank added.
In response to ARKA's inquiry, VTB Bank (Armenia) also stated that it accepts Russian rubles in cash as usual.
"No restrictions have been imposed on the acceptance of Russian rubles in cash," the bank stated.
At the same time, some banks have notified clients of changes to the terms of their cash ruble transactions. Thus, Inecobank sent emails to clients informing them that Russian ruble cash deposit services would be temporarily suspended effective July 7, 2026.
The bank announced that the previous terms regarding the change in the fee for cash deposits in Russian rubles were no longer in effect.
Ameriabank, in turn, notified clients about changes to fees for depositing and withdrawing Russian rubles. Specifically, the fee for depositing Russian rubles into a current account has been set at 5%, while the fee for withdrawing funds from said current account is 0%.
Regulator's Position and Bank Practices
Therefore, this is not a centralized restriction or ban imposed by the Central Bank of Armenia. The regulator has not made such decisions.
The situation is evolving at the level of individual banks: some currently continue to accept Russian rubles as usual, while others are changing their fees or temporarily suspending the ruble cash deposit service.
According to the Central Bank's position, banks make such decisions independently, taking into account their own risks, internal risk management policies, legal requirements, and the terms of their work with partner banks.
To clarify the situation, ARKA News Agency sent inquiries to the Central Bank of Armenia, as well as several local banks, asking them to comment on whether there are indeed restrictions or problems in the banking system related to the acceptance of Russian ruble cash.
No regulatory restrictions have been imposed.
The Central Bank of Armenia told ARKA News Agency that the regulator has not made any decisions regarding restrictions on banks accepting Russian ruble cash and has not communicated with any financial institutions.
"Banks, based on current regulations, their own risk assessments, and risk management policies, independently make decisions on establishing business relationships with clients and on the terms of providing certain services, including cash deposits," the Central Bank stated.
The Central Bank added that financial institutions must independently organize their activities in accordance with Armenian law, international laws, and the legal requirements of their partner countries.
What banks say
IDBank told ARKA that it continues to accept Russian rubles in cash and that there are currently no restrictions.
"We have no further comment regarding media publications," the bank added.
In response to ARKA's inquiry, VTB Bank (Armenia) also stated that it accepts Russian rubles in cash as usual.
"No restrictions have been imposed on the acceptance of Russian rubles in cash," the bank stated.
At the same time, some banks have notified clients of changes to the terms of their cash ruble transactions. Thus, Inecobank sent emails to clients informing them that Russian ruble cash deposit services would be temporarily suspended effective July 7, 2026.
The bank announced that the previous terms regarding the change in the fee for cash deposits in Russian rubles were no longer in effect.
Ameriabank, in turn, notified clients about changes to fees for depositing and withdrawing Russian rubles. Specifically, the fee for depositing Russian rubles into a current account has been set at 5%, while the fee for withdrawing funds from said current account is 0%.
Regulator's Position and Bank Practices
Therefore, this is not a centralized restriction or ban imposed by the Central Bank of Armenia. The regulator has not made such decisions.
The situation is evolving at the level of individual banks: some currently continue to accept Russian rubles as usual, while others are changing their fees or temporarily suspending the ruble cash deposit service.
According to the Central Bank's position, banks make such decisions independently, taking into account their own risks, internal risk management policies, legal requirements, and the terms of their work with partner banks.
