The Bank of Russia again extended restrictions on money transfers abroad

The Bank of Russia on September 29, 2023, reported that restrictions on money transfers abroad had been extended until March 31, 2024:

– citizens of Russia and friendly countries will still be able to transfer up to $1 million to any account in foreign banks within a month, using money transfer systems – no more than $10 thousand (or the equivalent in another foreign currency at the official rate on the date of receipt by the bank instructions for the operation);

– non-resident individuals working in Russia have the right to transfer funds abroad in the amount of wages. This is applicable to both friendly and unfriendly countries;

– there remains a restriction on transferring funds abroad for non-resident individuals from unfriendly countries who do not work in Russia and legal entities from such countries. The restriction does not apply to foreign companies that are under the control of Russian legal entities or individuals.