On Sep. 29, RUS CB extended restrictions on money transfers abroad.
RUS CB extended restrictions on transfers abroad for 6 more months to Mar. 31, 2024.
Follows, RUS CB Mar. 2023 restrictions on transfer of funds abroad, see #168419.
Summary
Citizens and non-residents from friendly countries can still transfer over 1mn USD or equivalent in foreign currency to any accounts in foreign banks within a month.
In addition, limits on transfers through money transfer systems are also maintained - no more than 10k USD per month or the equivalent in another foreign currency.
Furthermore, the transfer amounts are determined at the official exchange rate of foreign currencies to the ruble on the date the bank receives the transaction order.
Non-resident individuals working in Russia can transfer funds abroad in the amount of their wages and representatives of both friendly/unfriendly states have this right.
There remains a ban on transferring funds abroad for non-resident individuals from unfriendly countries who do not work in Russia, and legal entities from such countries.
Banks from unfriendly states can transfer money in RUB using correspondent accounts in Russian banks, if the payer and recipient have accounts opened in foreign banks.
Effectiveness
The restrictions are valid from Oct. 1, 2023 to Mar. 31, 2024.
Mar. 2024 Extension
On Mar. 29, 2024, RUS CB announced extension of the restrictions on transfers of funds abroad for another 6 months from Apr. 1, 2024 until Sep. 30, 2024.
Russian citizens/non-residents from friendly states are allowed to transfer during a month no more than $1mn (or an equivalent) to any accounts with foreign banks.
Limits on transfers via funds transfer systems also remain in place: over a month, total transfers may not exceed $10k (or an equivalent amount in another foreign currency).
Amounts of transfers are calculated at the official exchange rate of foreign currencies against the ruble as of the date when the bank receives the transaction order.
Non-resident individuals working in Russia, whether they are from friendly or unfriendly states, are allowed to transfer funds abroad in the amount of their salary.
As to non-resident individuals from unfriendly states not working in Russia and legal entities from such countries, the ban on money transfers abroad remains effective.
Does not apply to foreign companies controlled by Russian legal entities or individuals.
Banks from unfriendly states may carry out money transfers in rubles in correspondent accounts opened with Russian credit institutions if payer/payee foreign bank accounts.
Sep. 23, 2024 Extension
On Sep. 23, 2024, RUS CB extended restrictions on the transfer of funds abroad for another 6 months - between Oct. 1, 2024- Mar. 31, 2025 Russian citizens and non-resident individuals will still be able to transfer under 1mn USD or forex equivalent.
Limits on transfers through money transfer systems are also retained - no more than 10,000 USD per month or the equivalent in another forex can be transferred.
Non-resident individuals working in Russia can transfer funds abroad in the amount of their wages and representatives of both friendly/unfriendly countries have such a right.
The ban on the transfer of funds abroad for non-resident individuals from unfriendly countries, and for legal entities from such states, who do not work in Russia, remains.
Banks from unfriendly states can transfer funds in RUB using correspondent accounts opened in Russian banks, if the payer's/recipient's accounts are in foreign banks.
