By John Meyer, financial consultant, for Eurasia Business News, April 2, 2022
The Bank of Russia has set new thresholds for the next six months for the amount of transfers of funds abroad for citizens. Within a calendar month, individuals have the right to transfer from their account in a Russian bank to their account or to another individual abroad no more than 10 thousand US dollars or the equivalent in another currency. Through companies that provide services for the transfer of funds without opening an account, citizens can transfer no more than 5 thousand US dollars per month or in the equivalent in another currency, announced the Russian central bank.
The regulation apply to residents and non-residents from countries that do not support sanctions against Russia. The same opportunity was given to non-residents from all other states working in Russia under labor or civil law contracts.
At the same time, money transfers abroad from Russian bank accounts of non-residents – individuals from countries supporting sanctions and not working in Russia, as well as legal entities from these states, are still suspended for six months. For the same period, transfers of funds of individuals and legal entities – non-residents from countries that support sanctions, from the accounts of Russian brokers, have been suspended.
Money transfer amounts are calculated according to the official exchange rate of foreign currencies to the ruble established by the Bank of Russia on the date of the transfer order.
The Russian central bank imposed restrictions from March 9 to September 9 for withdrawal of foreign currencies from banking accounts from Russian citizens. Withdrawals amounting to more than $ 10 thousand in foreign cash currency are banned.
In addition, Russian banks will not sell foreign cash currency to citizens during the period of the temporary procedure. It will be possible to exchange cash foreign currency for rubles at any time and in any volume. However, Russian consumers usually prefer to get foreign hard currency than rubles in tough time.
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