The ban will be in effect until Sept. 30
The Bank of Russia has extended restrictions on the transfer of funds abroad until September 30, 2024, the regulator reports.
In 2023, the volume of cross-border transfers of individuals in Russia decreased significantly - by 48.8%. In parallel, the country introduced blocking of accounts for non-compliance with the requirements for currency transactions.
According to the Bank of Russia, Russian citizens and foreign individuals from friendly countries will be able to continue to transfer funds to foreign accounts up to $1 million or the equivalent in another currency within a month. There are also restrictions on transfers through money transfer systems - up to $10 thousand or the equivalent in another currency per month.
Non-resident individuals working in Russia may send their salaries abroad. This right applies both to representatives of friendly and unfriendly countries. However, transfers abroad for non-resident individuals from unfriendly countries and legal entities from these countries not working in Russia remain prohibited. The exception is foreign companies controlled by Russian persons.
Also, banks from unfriendly countries may make transfers in rubles through correspondent accounts in Russian banks provided that the sender's and recipient's accounts are opened abroad.
This is not the first extension of restrictions on foreign transfers by the Bank of Russia. The initial restrictions were introduced in the spring of 2022.
Earlier, the Central Bank warned of a new fraud scheme for taxpayers, and Russia's international reserves rose.