Bank of Russia raises caps for individuals’ money transfers abroad
From 8 June, Russian resident individuals may transfer up to 150,000 US dollars or their equivalent in other foreign currencies from their Russian bank accounts to their accounts abroad or to other persons within a calendar month. Non-resident individuals from friendly countries may transfer the same amount to their foreign accounts as well. Previously, the limit was 50,000 US dollars.
During a month, residents and non-residents from friendly countries may transfer up to 10,000 US dollars or their equivalent in other foreign currencies through companies providing money transfer services without opening accounts (the previous limit was 5,000 US dollars).
As before, all non-residents may also transfer funds, which they receive as salaries, to their foreign accounts. The ban on transferring funds abroad by legal entities from countries which support sanctions also remains in force.
The restrictions are effective through 30 September 2022.
The amounts to be transferred are calculated at the official exchange rate of foreign currencies against the ruble fixed by the Bank of Russia as of the date of the transfer order.