Restrictions on transferring funds abroad: what has changed for individuals

Restrictions on transferring funds abroad: what has changed for individuals

The Central Bank of Russia has extended restrictions on the transfer of funds abroad for individuals until March 31, 2025. This decision was made in response to anti-Russian sanctions that prohibit Russian financial institutions from acquiring cash currency from Western countries.

Under the new rules, Russian citizens and non-resident individuals from friendly countries can transfer up to $1 million or the equivalent in another foreign currency to their accounts in foreign banks within a month. The limit on transfers via money transfer systems remains at $10,000 per month. The exchange rate for these operations will be determined by the official exchange rate of foreign currencies to the ruble.

Non-resident individuals who work in Russia can transfer funds abroad in the amount of their salary. However, the ban on transferring funds abroad for non-resident individuals from unfriendly countries who do not work in the country remains in force.

Banks from unfriendly countries may transfer funds in rubles using correspondent accounts opened with Russian banks. At the same time, the payer's and recipient's accounts must be opened in foreign credit organizations.

The central bank initially introduced restrictions on the transfer of funds abroad for individuals in March 2022, with a limit of $5,000 per month. The limit was later increased to $10,000 and then to $50,000 per month in May. In June, the Central Bank limited transfers to $1 million per month.

https://www.vedomosti.ru/finance/news/2024/09/23/1063921-tsb-prodlil-ogranicheniya?from=newsline

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