Restrictions on money transfers abroad extended
The Bank of Russia has extended the restrictions for another six months. They will be effective from 1 October 2024 through 31 March 2025.
Citizens of the Russian Federation and non-resident individuals from friendly states will still be allowed to transfer no more than $1 million (or an equivalent amount in another foreign currency) per month to any accounts with foreign banks.
The limits on transfers via funds transfer systems also remain in place, i.e. no more than $10,000 (or an equivalent amount in another foreign currency) per month. The amounts of transfers are calculated at the official exchange rate of foreign currencies against the ruble as of the date when a bank receives a 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 their 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 transfer funds in rubles using correspondent accounts opened with Russian credit institutions if both payers and payees have accounts with foreign banks.