CBR imposes limit of $5,000 per month on amounts of money Russians may send abroad, including to relatives
MOSCOW. March 6 (Interfax) - The Central Bank of Russia (CBR) has introduced a limit of $5,000 per month with regard to money transferred by Russian resident individuals to other resident individuals or to non-resident individuals, including relatives, abroad.
CBR has issued the regulation for authorized banks, citing high volatility on the foreign exchange market. The maximum amount that may be transferred during a calendar month will be calculated using official foreign exchange rates as set by CBR as of the date of transfer order.
Thus, a cap will be introduced on amounts of money sent abroad in a month, including money transfers without opening a bank account, including electronic money, to other resident individuals, including the sender's spouse or close relatives (parents or children, grandfathers, grandmothers, and grandchildren), siblings, half-siblings (with one common parent), adoptive parents and adopted children.
This restriction also applies to money transfers from the accounts of residents opened with authorized banks to a resident individual abroad, who is not the sender's spouse or close relative, sibling, half-sibling, adoptive parent or adopted child and to any non-resident individual, including the sender's spouse or close relative, sibling, half-sibling, adoptive parent or adopted child.
Again, the rule applies to transfers of money abroad without a bank account, including electronic money, to non-resident individuals, including the sender's spouse or close relative, sibling or half-sibling, adoptive parents or adopted children, according to the document issued by CBR.
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