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26 Sep, 2023 16:16

Russia extends restrictions on money transfers abroad

The measure applies to non-residents from ‘unfriendly’ countries
Russia extends restrictions on money transfers abroad

The Russian central bank has extended restrictions on financial transfers abroad by non-residents from ‘unfriendly’ countries. The measures will be prolonged for another six months from October 1.

According to a statement from the Bank of Russia on Tuesday, the limits will apply to transfers from the accounts of individuals and legal entities.  

“This decision was made in order to maintain financial stability,” the central bank explained.

The Bank of Russia originally introduced the restrictions in April 2022. The ban was last extended in March of this year.

Under a government decree, payments must be transferred to special bank accounts in rubles – so-called C-type accounts – and are banned from being sent abroad without special permission.

Residents and non-residents from ‘friendly’ states – namely those that have abstained from sanctions – are allowed to transfer a maximum of $1 million per month abroad. For money transfer systems, the amount is limited to $10,000. Non-resident individuals working in Russia, whether from ‘friendly’ or ‘unfriendly’ states, are allowed to transfer funds abroad in the amount of their monthly salary.

Russia froze the assets of international depositories last year in response to the seizure of its state funds by Western financial institutions. Moscow blocked 229.1 billion rubles ($2.3 billion) in assets belonging to Belgium’s Euroclear and Luxembourg’s Clearstream clearing houses, according to financial reports from Euroclear and Deutsche Borse Group.

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