CBR to lift restrictions on transferring funds abroad for citizens of Russia and friendly countries from Dec 8

MOSCOW. Dec 5 (Interfax) - The Central Bank of Russia will lift restrictions previously imposed on transferring foreign currency abroad for Russian citizens and non-resident individuals from friendly countries as of December 8, the regulator said.

The CBR attributed the decision to the stable situation on the forex market.

A number of restrictions on currency transfers will remain in effect until June 7, 2026, inclusive, the regulator said.

Non-resident individuals from unfriendly countries working in Russia may transfer funds abroad up to the amount of their respective salaries.

The ban on transferring funds abroad for individuals from unfriendly countries not working in Russia, as well as for legal entities from these countries, will remain in effect. The restriction does not apply to foreign companies controlled by Russian legal entities or individuals, the Central Bank clarified.

The restrictions do not apply to transferring funds by foreign investors investing in the Russian financial market from "In" accounts to accounts abroad.

Banks from unfriendly countries may still transfer funds in rubles using correspondent accounts opened in Russian lending institutions if the payer and recipient accounts are in foreign banks.

In September, the Central Bank extended the restrictions on international fund transfers for another six months. The restrictions were supposed to be in effect until March 31, 2026. The regulator also extended the limit on funds transferred abroad by citizens of the Russian Federation and friendly countries to no more than $1 million or the equivalent in another foreign currency.