Russia Eases Foreign Currency Transfer Restrictions Ahead of Schedule

On Friday, Russia’s Central Bank declared that starting next week, it will remove restrictions on money transfers abroad for both Russian citizens and non-residents from «friendly» nations, an action taken more than four months earlier than initially planned.

These limitations were introduced as a temporary measure in the early phase of the full-scale invasion of Ukraine to protect Russia’s financial system from the effects of Western sanctions, a plunging ruble, and significant capital flight.

Under the former regulations, individuals were allowed to transfer up to $1 million per month through banks and $10,000 per month via money transfer services. These caps were originally intended to remain effective until March 31, 2026.

According to the Central Bank, effective December 8, there will be no restrictions on transfers for Russians and non-residents from «friendly» countries.

However, individuals and entities from «unfriendly» nations — those that have imposed sanctions on Russia due to the conflict in Ukraine — will continue to encounter limitations on money transfers until at least June 7, 2026.

Meanwhile, banks operating in «unfriendly» countries are still permitted to process ruble transactions through correspondent accounts with Russian banks.

The Central Bank of Russia noted that the existing restrictions do not affect foreign companies under Russian control or foreign investors utilizing special accounts created during wartime capital control measures, referred to as Type-I investment accounts.