The Central Bank of Russia has extended the current set of controls on cross-border money movements through the end of September, extending a regime that first took shape earlier and that remains in force as a matter of policy. This extension, confirmed by the regulator in its formal announcement, signals a continuation of tight oversight on outward transfers and a cautious approach to international liquidity flows. The public communication from the bank emphasizes stability and compliance, aiming to reduce volatility in the country’s foreign exchange position while preserving the ability to respond to evolving financial conditions. The timing and rationale are presented as part of a broader framework designed to maintain macroeconomic consistency and national financial security, with the expectation that market participants will adjust to the extended restrictions and plan accordingly for the months ahead.
Under these rules, individuals who are citizens of Russia face a monthly cap on transfers to foreign bank accounts, limiting them to no more than 1 million U.S. dollars per calendar month. Coupled with this, the amount that can be withdrawn via money transfer systems abroad is restricted to 10 thousand dollars per month. The framework also specifies that the permissible withdrawal amounts in foreign currencies should be kept within the equivalent values expressed in U.S. dollars, according to current exchange rate indicators used by the regulator. The overall picture is one of careful calibration: it sets explicit ceilings on both the inbound and outbound legs of cross-border flow to avoid sudden drain of foreign exchange, while still allowing ordinary financial activity under clear, auditable limits. This structure is described in the bank’s communications as part of ongoing risk management aimed at preserving monetary stability and orderly markets in times of external financial pressure. [CBR Announcement]
In relation to non-residents, the policy differentiates between those who work in Russia or receive salaries from Russian sources and those who do not. Non-residents who earn a salary can transfer funds abroad equal to their remuneration, a provision that applies regardless of whether the individual comes from a country that is considered friendly or hostile toward Russia. In contrast, non-residents from countries not classified as friendly and those who do not work within the Russian Federation, together with legal entities from such states, are not permitted to transfer money abroad. This delineation underscores the bank’s intent to preserve flows that are aligned with economic ties and employment activity while curbing movements that could be used to fund or facilitate non-resident financial activity that could pose a risk to the domestic economy. The policy thus reinforces a selective openness: legitimate income-related remittances are allowed up to specified limits, while other exterior transfers remain restricted. The bank has framed this approach as part of a longer-term strategy to minimize unauthorized or illicit withdrawals from the country and to deter potentially destabilizing capital flight. [CBR Clarifications]
Previously, the Central Bank had highlighted measures aimed at reducing the volume of illegal withdrawals from abroad, signaling a focus on enforcement and compliance as essential components of financial regulation. The current extension can be seen as part of a continuous effort to deter circumvention and to strengthen the integrity of foreign exchange controls. Observers note that such policies require ongoing monitoring of macroeconomic indicators, regular communication with financial institutions, and close coordination with international partners to maintain transparency and ensure that legitimate business activities retain access to necessary funds while illicit movements are checked. The bank’s stance remains that orderly execution of cross-border payments is a cornerstone of national financial policy, and the extension reinforces that position as policy conditions evolve. [CBR Policy Update]