Russia raises cross-border money transfer limit to $1 mln/month

The Central Bank of Russia has decided to increase significantly the limit on transferring funds abroad, the regulator said in a statement.

As of July 1, individual residents and citizens of friendly countries will be able to transfer from their account in a Russian bank to their account abroad or to another person per month up to $ 1 million, or the same total in an equivalent amount in another foreign currency.

There was a $150,000 restriction previously on these operations.

"Limits on transfers have been increased owing to the stable situation in the domestic foreign exchange market," the Central Bank notes.