Russia's Central Bank loosens Restrictions on Money Transfers out of the Country

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Russia's Central Bank loosens Restrictions on Money Transfers out of the Country
02 Apr 2022
6 min read

News Synopsis

On Friday, the Central Bank of Russia announced that it will loosen restrictions on money transfers out of the country for residents. This decision will also be applicable for non-residents from other countries but there is a catch to it. This decision will only be applicable if these countries are not supporting the western sanctions. Those who are fulfilling all these conditions will be able to send up to $10,000 within a 30-day stretch. Earlier, for non-Russians, the Central Bank imposed a limit a $5000 limit on transferring money out of the country, along with various other restrictions. The Central Bank of Russia further informed that the transaction amounts would be calculated using the Bank of Russia's official exchange rates. However, clients outside of Russia can still not sell securities through Russian brokerages, and the amount of dollars Russians can withdraw from foreign-currency accounts is still limited. Due to recent, energy sales, foreign currency inflows have increased significantly. This eventually has contributed to the recovery of the Russian currency, the Ruble.