The lawyer assessed the impact of the removal of currency barriers on Russian business abroad

The Bank of Russia's lifting of restrictions on foreign currency transfers for citizens and companies from friendly countries from December 8 opens up new business opportunities. Kirill Grigoriev, the founder of the Asseal law firm, told Izvestia on December 5.

He recalled that previously the limit of 1 million per month created difficulties for companies planning large foreign investments. Now that the requirements have been lifted, business activity is expected to increase, especially in the Middle East. He drew attention to the fact that the ruble is trading below 77 per dollar, the lowest since July this year, which makes foreign assets more accessible.

"For example, the United Arab Emirates, with which our trade turnover is already $11.5 billion, traditionally attracts Russian capital. According to the Ministry of Economic Development, the volume of Russian investments in the UAE economy has exceeded $25 billion, which is almost twice as much as the Emirati investments in Russia. Moreover, after 2022, the average annual volume of investments in Dubai has increased by 15 times compared to historical figures," the expert said.

According to the lawyer, companies will now be able to conduct transactions more freely, from purchasing real estate to participating in infrastructure projects and opening representative offices. He noted that the UAE remains attractive due to a stable political environment, tax benefits and the absence of sanctions pressure, which makes the region comfortable for Russian investors.

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On the same day, the Central Bank of Russia announced that from December 8 it would lift restrictions on the transfer of funds abroad for citizens of Russia and friendly countries. Banks from unfriendly countries can transfer money in rubles using correspondent accounts opened with Russian credit institutions, if the payer and recipient have accounts with foreign banks.

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