Cross-border currency transfers of Russians continue to decline

In July-September 2023, the volume of foreign currency cross-border transfers from individuals decreased by a third compared to the previous quarter, to $2.7 billion, according to the “Review of Financial Market Risks” published on the Central Bank website (.pdf). Transfers in euros especially decreased – more than twice, to $1.4 billion. At the same time, the share of currency transfers to friendly countries is growing. In the third quarter, they accounted for two-thirds (67.7%) of all transactions.

It should be added that ruble cross-border transfers, in contrast to foreign currency transfers, increased quarter by quarter by 49 billion rubles, to 267 billion rubles. As the regulator notes, although transfers in rubles are associated primarily with imports and payments for foreign purchases, some of them can be used to make foreign investments, including in financial instruments.