The Central Bank has set new thresholds for transfers of funds abroad for individuals

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AK&M 17 May 2022 10:30

During a calendar month, residents of Russia, as well as non-residents from friendly countries, have the right to transfer no more than $50 thousand or the equivalent in another foreign currency from their account in a Russian bank to their account or to another individual abroad. Previously, the limit was $10 thousand. This was announced by the Central Bank of Russia.

Through companies that provide money transfer services without opening an account, residents and non-residents from friendly countries can still transfer no more than $5 thousand or the equivalent in another currency per month.

Non—resident individuals from friendly countries working in Russia under labor or civil law contracts may additionally transfer funds from Russian accounts abroad in rubles and foreign currency in the amount of wages or fees for the performance of work and services and make the same transfers without opening an account.

Non-residents from unfriendly countries working in Russia under labor or civil law contracts are allowed to transfer funds from Russian accounts abroad in rubles and foreign currency in the amount of wages or fees for work and services and transfer these funds abroad without opening an account. Until today, non-residents from unfriendly countries could only transfer funds in foreign currency within $10 thousand. from the account and up to $15 thousand without opening an account.

The restrictions are set until September 30, 2022.

Until the same period, the ban on transfers abroad of individuals who do not work in Russia from countries that support sanctions, as well as legal entities from these states, remains. Restrictions on transfers abroad of funds of 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 according to the official exchange rate of foreign currencies to the ruble set by the Bank of Russia on the date of the transfer order.