The Bank of Russia eased a number of restrictions on the transfer of currency abroad

Money transfer, dollars

The Central Bank of Russia has increased the monthly limit on transfers by Russian residents and non-residents from friendly countries to themselves or individuals abroad to $50,000. This is stated in the circulated on Monday, May 16, message regulator.

Also, individuals from among non-residents from friendly countries working in the Russian Federation under labor or civil law contracts will additionally be able to transfer funds from Russian accounts abroad in rubles or foreign currency in the amount of wages or fees for the provision of services, or make such transfers without opening accounts.

Previously, it was allowed to transfer funds only in foreign currency in the amount of up to $10,000 from an account and up to $5,000 without opening an account. Residents and non-residents from friendly countries will still be able to transfer no more than $5,000 per month or the equivalent amount in another currency through organizations engaged in transferring funds without opening an account.

The ban on transfers of funds abroad for individuals who do not work in Russia, as well as those who support anti-Russian sanctions, remains. The same applies to legal entities from these states. In addition, restrictions remain on transfers abroad of funds of individuals and organizations – non-residents from unfriendly countries with the account of Russian brokers.

The listed restrictions are set for a period until September 30, 2022.

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