Russia’s central bank has announced that it is easing restrictions on foreign capital transfers for individuals over a six-month period.
The bank stressed that the measures, which raise an earlier limit on funds that can be transferred abroad, do not apply to residents and citizens of countries that had imposed sanctions against Russia on Ukraine.
Within a month, individuals have the right to transfer up to $ 10,000 or a corresponding amount in another currency from the Russian Federation from their account to a Russian bank, to their own account or that of another person abroad, the bank said in a statement.
The bank added that transfers abroad from bank accounts of third parties, individuals or legal entities, from countries that have imposed sanctions, have been suspended for the next six months.
The measure will ease pressure on Russians who regularly send money to relatives abroad or to those who have left the country without access to their funds at home.
Last month, the central bank said it had temporarily suspended transfers of foreign legal entities and individuals from many countries to overseas accounts. Also, limit transfers to an amount not exceeding $ 5,000 per month.
The regulator said last week that Russia’s central bank had imposed a cap on capital outflows from the country last month in retaliation for the freezing of part of its reserves by Western countries.
Western sanctions have limited the central bank’s ability to support the ruble with dollars and euros it holds in its foreign exchange and gold reserves.
Source: Capital
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