The Bank of Russia has extended restrictions on the transfer of funds abroad for six months

The Bank of Russia has extended restrictions on the transfer of funds abroad until March 31, 2025 inclusive. This is reported on September 23 on the website of the regulator.

"Russian citizens and individuals - non-residents from friendly countries will still be able to transfer within a month to any accounts in foreign banks no more than $1 million or the equivalent in another foreign currency" - stated in the message.

It is specified that the limit on transfers will also be preserved - no more than $10 thousand or the equivalent in other foreign currency per month. Amounts of money transfers will be determined according to the official exchange rate of foreign currencies to the ruble.

It is noted that the ban on the transfer of funds abroad for individuals not working in Russia - non-residents from unfriendly countries, as well as for legal entities from these countries remains in force. Exceptions will be foreign companies controlled by Russian legal entities or individuals.

Earlier, on September 13, Deputy Chairman of the Bank of Russia Alexei Zabotkin said that the production capacity of the Russian economy in 2025 will continue to grow even in the conditions of tight monetary policy (MP) due to the growth of investment, which has been observed since the end of 2023.

On the same day, the Central Bank of Russia raised its key rate by 1 p.p., to 19%, which is the maximum value since April 2022. The regulator's statement indicated that the current inflationary pressure remains high. Annual inflation at the end of 2024 is likely to exceed the July forecast range of 6.5-7%, the Central Bank suggested.