Earlier this year, the Russian central bank announced further restrictions on the amount of money that citizens and non-citizens of countries that have sanctioned Russia over the Ukraine crisis may send overseas.
In an official statement, the bank said only 10,000 US dollars or the equivalent in another currency may be transferred from Russia to an account or to another person outside of Russia in a calendar month, the bank said in an official statement.
For the next six months, transfers from sanctioned nations’ bank accounts of non-residents, persons, or legal companies will be suspended, according to the bank. Russians who often transfer money to loved ones overseas or those who have left the country and no longer have access to their finances at home would benefit from the new policy.
The central bank said earlier this month that transfers to overseas accounts by foreign legal companies and people from several countries would be temporarily suspended. A monthly transfer restriction of $5,000 was also put in place.
According to regulators, Russia’s central bank introduced capital controls during the last month in reaction to Western nations freezing some of its holdings. Russia’s central bank’s capacity to defend the rouble currency with dollars and euros kept in its foreign currency and gold reserves has been hampered by Western sanctions placed on Russia for what Moscow deems “a special military operation” in Ukraine.
Published by – Kiruthiga K
Edited by – Kritika Kashyap
