The Central Bank of the Russian Federation decided to extend restrictions on the transfer of funds abroad for another six months, this time from April 1 to September 30, 2024 inclusive. This is stated in the regulator’s message.
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The last time the measures were extended until March 31 of this year.
It should be noted that for Russian citizens and non-residents of friendly countries it is still possible to transfer no more than 1 million dollars or the equivalent of this amount in another foreign currency to any account in foreign banks within one month.
Limits on transfers through money transfer systems are also maintained: no more than $10,000 per month or its equivalent in another foreign currency.
Non-residents working in Russia can transfer funds abroad in the amount of their salary. This right corresponds to representatives of both friendly and hostile countries.
The ban on transferring funds abroad remains for non-residents of hostile countries who do not work in Russia, as well as for legal entities from these countries. Exception: foreign companies that are under the control of Russian legal entities or individuals.
Banks of hostile states can carry out money transfers in rubles using correspondent accounts opened in Russian credit institutions, if the payer and recipient have accounts opened in foreign banks.
- The Bank of Russia limited most transfers from Russians abroad to $5,000 per month in March 2022. The limit gradually increased and in June of the same year it rose to $1 million per month. The restrictions have already been extended several times, most recently at the end of September 2023 for six months.
Author:
Anastasia Marina
Source: RB
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