The Central Bank extended restrictions on transfers of non-residents from unfriendly countries

Transfers abroad of funds of non-residents - both individuals and legal entities - from unfriendly countries from the accounts of brokers and trustees will be limited from October 1 for another six months, follows from the order of the Central Bank

The Central Bank has extended restrictions on transfers abroad of funds of non-residents from unfriendly countries from the accounts of brokers and trustees from October 1, 2023 for another six months, the regulator said in a statement.

“The restrictions apply to transfers from accounts of both individuals and legal entities opened with Russian brokers and trustees,” the Central Bank noted.

The regulator emphasized that the decision was made to maintain financial stability.

On April 1, 2022, the Bank of RUSSIA limited the transfers abroad of funds of non-resident individuals and legal entities from unfriendly countries from the accounts of Russian brokers. In addition, the regulator suspended transfers abroad from the accounts of non-residents - both individuals and legal entities - from states supporting sanctions that do not operate in Russia.

However, a month later, the Central Bank allowed non-residents from unfriendly countries working in Russia to transfer funds from Russian accounts abroad in rubles and foreign currency without opening an account “in the amount of wages or fees for performing work and providing services.” Before this, the amount that was allowed to be transferred could only be in foreign currency and was limited to $10 thousand (when transferring from an account) and $5 thousand (without opening an account).

In June, the government allowed residents to sell to banks the currency received from non-residents under foreign trade agreements not at the Central Bank rate, as was previously required. Prior to this, Russian President Vladimir Putin ordered the introduction of a limit of $1 billion per month on the purchase of foreign currency for transactions with non-residents. it will concern deals on the exit of Western companies from Russian business.

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