CBR extends restrictions on forex transfers abroad by six months to March 31, 2024

MOSCOW. Sept 29 (Interfax) - The Central Bank of Russia (CBR) has extended restrictions on transfers of foreign currency abroad for another six months until March 31, 2024, the CBR said in a statement.

Citizens of Russia and individuals who are residents of friendly countries will continue to be able to transfer up to $1 million or the equivalent in a different foreign currency to any foreign bank account per month.

The limit on transfers through money transfer systems will remain $10,000 or the equivalent in a different foreign currency per month. Transfer amounts are determined based on the currency's official exchange rate against the ruble on the date the bank receives the transaction instruction.

Individuals who are nonresidents working in Russia can transfer funds abroad in the amount of their wages. Citizens of both friendly and unfriendly countries have this right.

The ban on transfers abroad for nonresident individuals from unfriendly countries who do not work in Russia, as well as legal entities from these countries will remain in place. This ban does not apply to foreign companies controlled by Russian legal entities or individuals.

Banks from unfriendly countries can make money transfers in rubles using correspondent accounts opened at Russian credit institutions if the accounts of the payer and recipient are opened at foreign banks.