Russian Central Bank extends restrictions on fund transfers abroad for another 6 months

By Gokhan Ergocun

ISTANBUL (AA) – The Russian Central Bank extended restrictions on Russian citizens and non-residents from friendly countries not to transfer more than $1 million, or equivalent in another currency, to any account in foreign banks within a month, for another six months till March 31, 2024.

Limits on transfers through money transfer systems are also maintained – no more than $10,000, or equivalent, the bank stated.

Previously, the bank has extended the restrictions twice – in September 2022 and in March 2023.

Non-residents and persons working in Russia can transfer funds abroad in the amount of their salary, it said.

The ban on transferring funds abroad remains in place for non-residents from unfriendly countries who do not work in Russia, as well as for legal entities from these countries, the bank underlined.

These restrictions do not apply to foreign companies under the control of Russian legal entities or individuals, its statement read.

Banks of non-friendly states can transfer money in rubles using correspondent accounts opened in Russian credit institutions if the payer and the recipient have accounts opened in foreign banks, the bank added.