Bank of Russia extends restrictions on money transfers abroad for another six months

Russian citizens and non-resident individuals from friendly countries will still be allowed to transfer no more than 1 million US dollars (or an equivalent amount in other foreign currencies) to any accounts in foreign banks within a month.

The limits on transfers via money transfer systems also remain in place: total transfers may not exceed 10,000 US dollars (or an equivalent amount in other foreign currencies) per month. The amounts of transfers are calculated at the official exchange rate of foreign currencies against the ruble as of the date the bank receives the transaction order.

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

The ban on money transfers remains in place for non-resident individuals from unfriendly countries not working in Russia and legal entities from such states. This restriction does not apply to foreign companies controlled by Russian legal entities or individuals.

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