Russia’s Central Bank has announced the extension of restrictions on transferring money abroad for an additional six months, now set to expire on March 31, 2025.
Under the restrictions, individuals and companies from so-called “unfriendly” countries — those that have sanctioned Russia — are prohibited from transferring funds abroad, the Central Bank said in a statement , News.Az reports.
However, the restrictions do not apply to foreign companies controlled by Russian legal entities or individuals, according to the Central Bank.
These curbs were first implemented by President Vladimir Putin shortly after the full-scale invasion of Ukraine in February 2022, aimed at shielding the Russian economy from the effects of Western sanctions.
At the same time, Russian citizens and non-residents from so-called “friendly” countries can still transfer up to $1 million per month, including in foreign currencies, to foreign banks. A separate monthly limit of $10,000 applies to money transfer systems, according to the Central Bank.
The renewed restrictions take effect on Oct. 1.
