CBR extends restrictions on forex transfers another six months until Sept 30, 2024

MOSCOW. March 29 (Interfax) - The Central Bank of Russia (CBR) has extended the restrictions on currency transfers abroad for six months, and they will be valid from April 1 to September 30, 2024, inclusive, the CBR said.

Citizens of Russia and non-resident individuals from friendly countries will still be able to transfer no more than $1 million or the equivalent in another foreign currency to any accounts in foreign banks within a month.

Limits on transfers through money transfer systems are maintained at no more than $10,000 per month, or the equivalent in another foreign currency.

Non-resident individuals working in Russia can transfer funds abroad totaling their respective wages. Representatives of both friendly and unfriendly countries have this right.

The ban on transferring funds abroad for non-resident individuals from unfriendly countries who do not work in Russia remains in force, as well as for legal entities from these countries. The restriction is not applicable to foreign companies that are under the control of Russian legal entities or individuals.

Banks from unfriendly countries may conduct money transfers in rubles using correspondent accounts opened in Russian lending institutions if the payer and the recipient have accounts opened in foreign banks.