The Bank of Russia extended restrictions on transfers of funds abroad for six months
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Bank of Russia for another six months extended restrictions on transferring funds abroad. The rules will be in effect from October 1 to March 31, 2024.
As noted in the regulator’s message, all current rules remain in place. Russians and non-residents from friendly countries will be able, as before, to transfer no more than $1 million or the equivalent in another currency to any accounts in foreign banks within a month. Limits on transfers through money transfer systems also remain: no more than $10 thousand per month. Non-residents working in Russia will be able to transfer funds abroad in the amount of their wages.
There is also a ban on transferring funds abroad for non-resident individuals from unfriendly countries who do not work in Russia (or legal entities from these countries). The exception is foreign companies that are controlled by Russian legal entities or individuals.
Banks from unfriendly countries are allowed to make money transfers in rubles using correspondent accounts opened in Russian credit institutions, if the payer and recipient have accounts opened in foreign banks.
The Bank of Russia limited the withdrawal of money abroad by individuals in March 2022, after the outbreak of hostilities in Ukraine and the introduction of Western sanctions. Initially, the limit was $5 thousand per month. However, since July last year, the limit has been increased to $1 million.
At a meeting of the State Duma Committee on the Financial Market on September 20, Deputy Finance Minister Alexei Moiseev said that the government was considering the idea of partially restoring currency controls in order to curb the outflow of capital to friendly countries. The head of the Ministry of Economy, Maxim Reshetnikov, proposed creating a “membrane” between the external and internal ruble markets. At the same time, the head of the Central Bank Elvira Nabiullina statedthat the idea of currency restrictions should be treated very carefully.
Read more about the development of a currency control system in the Kommersant material. “Exit into open osmosis”.
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