Restrictions on transfer of funds abroad by nonresidents from unfriendly countries from accounts of brokers and trustees extended by 6 months

MOSCOW. Sept 29 (Interfax) - The Central Bank of Russia (CBR) has extended restrictions on transfers abroad of funds of non-residents from unfriendly countries from accounts of brokers and trustees starting from October 1 for another 6 months, the regulator said in a statement on its website.

These restrictions concern transfers from accounts of both individuals and legal entities opened with Russian brokers and trust managers.

The Central Bank said its decision is aimed at maintaining financial stability.

Transfers abroad of funds of non-residents from countries supporting the sanctions from accounts of Russian brokers were suspended for 6 months on April 1, 2022.

 Russian citizens from friendly countries will still be able to transfer up to $1 million per month to any accounts in foreign banks, but no more than $10,000 (or the equivalent in another foreign currency) through money transfer providers. The transfer amounts are determined by the official exchange rate of foreign currencies to the ruble on the date of receipt by the bank of the operation order.

 Nonresident individuals working in Russia can transfer money abroad in the amount of wages. This option is available to both friendly and unfriendly countries.