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Restrictions on money transfers abroad extended

31 March 2023

The Bank of Russia has extended the restrictions for another six months. They will remain effective from 1 April through 30 September 2023.

The restrictions imply that citizens of the Russian Federation and resident individuals from friendly states will still be allowed to transfer during a month no more than 1 million US dollars (or an equivalent amount in another foreign currency) to any accounts with foreign banks. The limits on transfers via funds transfer systems also remain in place: over a month, total transfers may not exceed 10,000 US dollars (or an equivalent amount in another foreign currency). The amounts of transfers are calculated at the official exchange rate of foreign currencies against the ruble as of the date when the bank receives the transaction order.

Non-resident individuals working in Russia, whether they are from friendly or unfriendly states, are allowed to transfer funds abroad in the amount of their salary.

As to non-resident individuals from unfriendly states not working in Russia and legal entities from such countries, the ban on money transfers abroad remains effective. This restriction is not applicable to foreign companies controlled by Russian legal entities or individuals.

Banks from unfriendly states may carry out money transfers in rubles using correspondent accounts opened with Russian credit institutions, provided that the payer and the payee have accounts with foreign banks.

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