Russia extends restrictions on sending currency abroad

Maria Novoselova / Vestnik Kavkaza

Russia's Central Bank extended restrictions on currency transfers abroad six additional months, through September 30, 2023, the regulator said.

Therefore, Russian citizens and individuals who are residents from friendly countries will still be able to transfer a maximum of $1 million, or the equivalent in another foreign currency, to any accounts in foreign banks every month.

Limits on transfers through money transfer systems are also unchanged: no more than $10,000 per month, or the equivalent in another foreign currency. The transfer amount is determined at the official foreign currency exchange rate against the ruble on the date the bank receives the instruction for the operation.

Individuals who are non-residents working in Russia can transfer funds abroad in the amount of their wages. Representatives of both friendly and unfriendly countries have this right.

In addition, the ban on the transfer of funds abroad for individuals who are non-residents from unfriendly countries and do not work in Russia, as well as for legal entities from such countries, is still in place. This restriction does not apply to foreign companies that are under the control of Russian legal entities or Russian nationals, the Central Bank said.

Banks from unfriendly countries may transfer funds in rubles using correspondent accounts opened with Russian credit institutions if the accounts of the payer and the recipient are in foreign banks.

© Photo :Maria Novoselova / Vestnik Kavkaza