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Economic news / Економічні новини

News of economy, energy, trade, finance / Новини економіки, енергетики, торгівлі, фінансів

American broker will stop accepting rubles from Russians


Чер 23, 2022

The popular American broker Interactive Brokers will stop accepting ruble transfers from Russians to replenish accounts from July 31, RBC writes, citing sources in the company and in the market.

“After July 31, IB will stop accepting transfers in rubles, more detailed information about this will be sent to clients in the next few days,” the publication quotes a broker support specialist in response to a request from one of the clients. Another client said that converting rubles into dollars, as well as opening or increasing ruble positions, is already prohibited.

So far, Interactive Brokers has only accepted ruble transfers from accounts opened with non-sanctioned banks. The interlocutors of the publication believe that Interactive Brokers can forcibly convert rubles into dollars after July 31.

In their opinion, the broker’s decision is connected with the increased popularity of ruble transactions, which, moreover, were not subject to commission, unlike transactions in dollars. Many Russians, in the face of currency restrictions, used accounts with Interactive Brokers to buy foreign currency or to store it, since the Russian authorities did not set limits on the transfer of rubles to foreign accounts.

Since June 14, Interactive Brokers has banned Russians from opening new positions in EU securities. Such a restriction in relation to Russian individuals and legal entities is spelled out in the EU sanctions. Even earlier, the company warned about possible blocking of accounts of Russian citizens. At the same time, there is no talk of stopping servicing the Russians.