The Bank of Russia eased restrictions for individuals on transfers of funds abroad

01.04.2022

The Bank of Russia in the Information dated April 1, 2022 reports that it has set new limits for the funds transferred abroad for individuals for the next six months. On March 5, 2022, The Bank of Russia limited foreign currency transfers of individuals abroad by the amount of $5,000 per month. 
Now, within a month, an individual (resident and non-resident) can transfer from Russia to his account or the account of another individual abroad no more than 10,000 dollars or the equivalent in another currency. This can be done using banks that are not under sanctions.
These norms do not apply to non-residents who do not work in Russia under labor and civil law contracts and who are citizens of unfriendly countries. Their transfers are suspended for 6 months.
Transfers abroad of funds of individuals and legal entities - non-residents from countries that support sanctions, from the accounts of Russian brokers, were also suspended for 6 months.
Transfer amounts are calculated at the official exchange rate of foreign currencies against the ruble established by the Bank of Russia on the date of the transfer.

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