The head of Tinkoff told what to do with dollars so as not to lose savings

Chairman of the Board of Tinkoff Bank Stanislav Bliznyuk wrote a column for Vedomosti. The publication tells about the risks faced by banks and their clients who own dollars.

According to Bliznyuk, earlier the dollar was perceived as a stable tool for saving money, but now it has become a source of high risk. Russian banks are deprived of the opportunity to invest dollars in foreign business, and transactions with this currency have become extremely risky, since the bank may fall under sanctions, and then its accounts, along with clients’ funds, will be frozen.

There are only a few banks left in Russia that can make payments using the international SWIFT system, while foreign banks are gradually tightening checks and reducing limits on transactions. Some Russian banks have chosen to close the ability for their customers to transfer money abroad via SWIFT so as not to adapt to the constantly changing rules of foreign banks and not lose money on it.

Tinkoff and other banks are trying to get customers to think about alternative ways to save money, writes Bliznyuk. He points out that restrictions imposed by banks, including tightening limits and raising commissions, are not a way to earn money, but an attempt to change the attitude of Russians to holding a currency that creates risks.

Bliznyuk gave some advice to those who own dollars and want to keep their savings: you can withdraw cash from an ATM and keep it outside the bank, transfer it via SWIFT to your account or a relative’s account in a foreign bank, or transfer it into rubles. But you can do nothing and continue to keep dollars in a foreign currency account in the hope that nothing will happen to them.