The sanctions policy has reached the forex market. Here is a letter from Pepperstone sent to traders from Russia.
“We regret to inform you that Pepperstone has made the business decision to no longer provide you with our services. Your Pepperstone account is to be closed effective immediately and your trading accounts have been set to read-only meaning you will be unable to open any new trades. If you still have funds in your trading account, you can withdraw them at any time until 22nd March 2022. You would need to contact our support team at email@example.com to make a withdrawal after this date. Make sure your bank account and contact details are correct, or contact our support team to make any changes. Please also note that withdrawal options may be limited due to sanctions or termination of payment system services. We are here to help. We understand that this may cause some inconvenience to you. However, we are here to support you in this change, so if you have any questions, please contact us at firstname.lastname@example.org. We would like to thank you for trading with us and wish you all th e best in your future trading.”
Not the best times are coming for traders from Russia. Sanctions against banks lead to the inability to withdraw funds from a trading account to your account in a Russian bank.
If you still have the opportunity to close your forex account and withdraw money – do not wait. It won’t get better in the foreseeable future.