New caps set on individuals’ money transfers abroad
Residents of Russia and non-residents from friendly countries may transfer up to 50,000 US dollars or the equivalent in any other foreign currency per calendar month from their accounts with Russian banks to their accounts or other individuals abroad. Previously, the cap was set at 10,000 US dollars.
Notably, Russian residents and non-residents from friendly countries can still transfer no more than 5,000 US dollars or the equivalent in any other currency per month if money transfers are made through companies that provide money transfer services without opening an account.
Non-resident individuals from friendly countries working in Russia under labour or civil law contracts may additionally transfer funds from Russian accounts abroad in rubles and foreign currency in the amount of their wages or fees for works done and services provided and make the same transfers without opening an account.
Non-residents from unfriendly countries working in Russia under labour or civil law contracts are allowed to transfer funds from Russian accounts abroad in rubles and foreign currency in the amount of their wages or fees for works done and services provided and transfer these funds abroad without opening an account. Until today, non-residents from unfriendly countries could only transfer funds in foreign currency of up to 10,000 US dollars from their accounts and up to 5,000 US dollars without opening an account.
These restrictions are effective until 30 September 2022.
The ban on transfers abroad for individuals from countries supporting sanctions, who do not work in Russia, as well as legal entities from these countries, remains in force until the same date. The restrictions on transfers abroad for non-resident individuals and legal entities from countries supporting sanctions from the accounts of Russian brokers also continue to apply.
The transfer amounts are calculated at the official exchange rate of foreign currencies to the ruble set by the Bank of Russia on the date of the transfer order.