Central Bank extended restrictions on funds abroad transfers for another six months

The Bank of Russia has extended restrictions on transferring funds abroad for another six months, from April 1 to September 30.

The press service of the Central Bank explains:

- Citizens of Russia and non-resident individuals from friendly countries will still be able to transfer no more than 1 million US dollars or the equivalent in another foreign currency to any accounts in foreign banks within a month.

Limits on transfers through money transfer services (without opening a current account) are also maintained—no more than 10 thousand US dollars per month or the equivalent in another foreign currency. When the bank receives the transaction order, the transfer amounts are determined at the official exchange rate of foreign currencies to the ruble.

- Non-resident individuals working in Russia can transfer funds abroad in the amount of their wages. Representatives of both friendly and unfriendly countries have this right.

- There remains a ban on transferring funds abroad for individuals who do not work in Russia, such as non-residents from unfriendly countries and legal entities from such states. This restriction does not apply to foreign companies that are under the control of Russian legal entities or individuals.

- Banks from unfriendly states can transfer money in rubles using correspondent accounts opened in Russian credit institutions if the payer and recipient accounts are opened in foreign banks.

Author: Elina Akhmetova