Russian Central Bank extends restrictions on transferring currency abroad for six months until March 31, 2025

MOSCOW. Sept 23 (Interfax) - The Central Bank of Russia has extended restrictions on currency transfers abroad for another six months, until March 31, 2025, inclusive, the CBR said.

Russian citizens and non-resident individuals from friendly countries may 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 of funds through money transfer systems have also been retained at no more than $10,000 or the equivalent in another currency that could be transferred per month.

Non-resident individuals from friendly and unfriendly countries working in Russia may transfer funds abroad equivalent up to said salary.

The Central Bank has also retained the ban on currency transfers abroad for individuals who do not work in Russia, namely for non-residents from unfriendly countries and for legal entities from these countries. The restriction does not apply to foreign companies that are under the control of Russian legal entities or individuals.

Banks from unfriendly countries may transfer funds in rubles using correspondent accounts opened in Russian-accredited institutions if the accounts of the payer and recipient have been opened in foreign banks, the Central Bank said.