Russia raises ceiling for cross-border transactions for individuals

Russia raises ceiling for cross-border transactions for individuals

The Russian central bank on Monday said Russian residents and non-residents from friendly states will be able to channel foreign currency abroad equivalent to up to $50,000 a month, from the previous limit of $10,000.

Non-residents from unfriendly countries will now be able to send foreign currency abroad to the value of their salaries or incomes from services they provide without the need to open accounts, the central bank said, scrapping the previous limit of up to $10,000 a month.

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