In line with many financial institutions, IBKR is reducing exposure to the Russian Ruble, (“RUB”). This reduction will take place over the next several weeks. Effective July 28, 2022, Interactive Brokers will discontinue all cashiering services for Russian Rubles, including all withdrawals and currency conversions. On that date, the Ruble balance in your account(s) will be converted to United States Dollars or Euros automatically (unless you take action as described below).

No action is necessary if you want the balance of Rubles in your account(s) to be converted to US Dollars at that time.

IBKR is taking the following actions regarding RUB related holdings and activities:

  • Deposits in RUB
    • Beginning June 24, 2022 and ending at 23:59 ET on July 27, 2022, each IBKR account will be allowed a single deposit in RUB
    • Additional RUB deposits will be rejected. IBKR cautions clients not to attempt more than one deposit since the rejection process may take time and tie up funds.
    • All deposits in RUB made after July 27 will also be rejected. 
    • All deposits will be subject to the currency conversion mentioned below.
  • Withdrawals in RUB
    • IBKR will only be able to accommodate withdrawals in RUB until 23:59 ET on July 27, 2022. After that date, you will not be able to withdraw RUB.
  • RUB cash currently in customer accounts
    • Customers may withdraw their RUB any time prior to 23:59 ET July 27, 2022
    • Customers may also elect to maintain RUB in their accounts at their own risk. Unless otherwise notified, (see below), your RUB balances will be automatically converted. These notices must be received in writing by IBKR no later than 23:59 ET on July 22, 2022. To notify IBKR:
      • Login to Client Portal
      • Click the Help followed by Secure Message Center
      • Click on COMPOSE followed by New Ticket
      • Write a brief summary (MUST include "RUB" in the subject) and click SUBMIT QUESTION
      • Select a category and subcategory for the inquiry
      • Choose the account (if necessary) for which you are submitting a ticket
      • Enter the description of your inquiry in the Detailed Description field. The ticket should clearly state you would like to maintain your RUB balance and not be subject to conversion.
      • Click SUBMIT
    • On July 28, 2022, we will begin converting the RUB balance in any account that has not instructed otherwise or withdrawn the RUB
    • IBKR will convert RUB to USD or EUR according to your IBKR entity:

      IBKR Entity Target Currency
      IBCE EUR
      IBUK EUR
      IBIE EUR
      All Others USD
  • Short RUB cash positions
    • Short RUB cash positions will be converted beginning July 28, 2022.
    • Customers will not be able to retain their short cash. All of these positions will be closed without exception.
  • Contracts for Difference (CFD)
    • USD.RUB CFD positions will be liquidated by the end of July 25, 2022.
    • EUR.RUB CFD positions will be liquidated beginning July 26, 2022.
    • Customers will not be able to retain CFD positions. All of these positions will be closed without exception.
  •  If the base currency of your account is RUB, it will be changed to USD or EUR, depending on the IBKR entity your account is with (see chart above).

IBKR is fully committed to complying with all applicable sanctions laws. We appreciate your cooperation and your business.