1 Apr 2022 10:26

CBR eases restrictions on money transfers abroad by individuals for countries not supporting sanctions

MOSCOW. April 1 (Interfax) - The Central Bank of Russia (CBR) has eased restrictions on some money transfers abroad by individuals, but maintained the ban on transfers for residents of countries that are supporting sanctions against Russia.

New caps on individuals' money transfers abroad will be set for the next six months, the CBR said. Individuals will be able to transfer up to $10,000 (or the equivalent in a different currency) out of Russia per calendar month from their account at a Russian bank to their account or another individual abroad. Going through companies that provide money transfer services without opening an account, the cap on transfers abroad will be $5,000 per month.

"The norms apply to residents and nonresidents from countries not supporting sanctions. Nonresidents from all other countries working in Russia under labor and civil law contracts have been given the same possibility," the CBR said.

However, transfers abroad from the bank accounts of non-resident individuals from countries supporting sanctions and not working in Russia, as well as legal entities from these countries will be suspended for six months. Transfers abroad of the funds of nonresidents from countries supporting sanctions will also be prohibited for six months from accounts with Russian brokers.

The amounts of transfers will be calculated according to foreign currencies' official exchange rate against the ruble as set by the CBR on the date of the transfer order, the CBR said.