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Bank of Russia eases restrictions for individuals on money transfers abroad

1 April 2022

The Bank of Russia has set new limits for individuals on the amounts of money transfers abroad. During a calendar month, individuals may transfer no more than 10,000 US dollars or an equivalent amount in another currency from their accounts with Russian banks to their foreign accounts or to another individual abroad. When money transfers are made through companies providing such services without opening an account, the monthly limit is 5,000 US dollars or an equivalent amount in foreign currency.

These limits are applicable to residents and non-residents from countries not supporting the sanctions, as well as non-residents from any other countries if they work in Russia under labour or civil law contracts.

As regards money transfers abroad made from bank accounts of non-resident individuals from countries supporting the sanctions who do not work in Russia, as well as bank accounts of legal entities from such countries, these transactions were suspended for six months. Money transfers from Russian brokers’ accounts by non‑resident individuals and legal entities from countries supporting the sanctions were suspended for six months as well.

The amounts of money transfers are calculated at the official exchange rate of foreign currencies against the ruble set by the Bank of Russia as of the date of a money transfer order.

Preview photo: Alexander Donikov / Preview photoXPress