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FEDERAL RESERVE BANK
OF N E W YORK

[Circular No. 329]
[December21,1920j

Foreign Department

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Transactions with Bolshevik Russia
To all Banks and Trust Companies and Others Concerned
in the Second Federal Reserve District:

T h e following announcement, which we submit herewith for your guidance, was
issued by the Treasury Department yesterday:
" T h e Secretary of the Treasury and the Federal Reserve Board announce
t h a t , with the approval of the Department of State, and in order to give force
and effect to the action of t h a t department in removing restrictions in the way
of trade and communication with Soviet Russia, as announced by t h a t department on July 7, 1920, all rules and regulations restricting the exportation of
coin, bullion and currency to t h a t part of Russia now under the control of the
so-called Bolshevik Government, or restricting dealings or exchange transactions
in R7issian rubles, or restricting transfers of credit or exchange transactions with
t h a t p a r t of Russia now under the control of the so-called Bolshevik Government, have been suspended, effective December 18, 1920, until further notice."




Very truly yours,
J.

H.

CASE,

Acting Governor


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102