The Central Bank lifted restrictions on the transfer of funds abroad. What you need to know

Since December 8, Russians and non-residents from friendly countries can again transfer money outside of Russia without restrictions. The Central Bank made this decision after assessing the situation on the foreign exchange market as stable. How exactly the Russian foreign exchange market will develop is described in the Izvestia article.

Changing transfers

• For the first time, the Bank of Russia introduced strict barriers to sending funds abroad in March 2022. At first, individuals were completely banned from withdrawing more than $5,000 per month abroad. Later, the regulator began to gradually remove some of the restrictions. Until December 8, 2025, the amount of money transferred abroad by Russians and citizens of friendly countries was limited to $1 million, and the limit on transfers through money transfer systems was set at no more than $10,000 or a similar amount in another currency within a month.

• Since December 8, the Central Bank has lifted previous restrictions on foreign money transfers. This applies to citizens of the Russian Federation and those foreign individuals from friendly states who reside or are located in Russia. The regulator explained the decision by saying that the situation in the foreign exchange market remains stable.

• At the same time, until June 7, 2026, some restrictions will be retained for non-residents from unfriendly states working in Russia. They are allowed to send abroad only amounts corresponding to their official income. For those who do not work in the Russian Federation, as well as for companies from such countries, the ban remains in force, with the exception of organizations controlled by Russians.

The real effective ruble exchange rate has increased. What does this mean?

• The restrictions do not apply to transactions of investors who place capital in Russian financial instruments. They will be able to transfer funds from In-type accounts (used for investments in the Russian financial market) to foreign bank details. In addition, banks from non-friendly countries retain the ability to make payments in rubles through correspondent accounts opened in Russia if both participants in the transfer are serviced by foreign financial institutions.

Reasons for the changes

• The Central Bank considers the situation in the foreign exchange market to be stable enough to lift restrictions mainly due to falling domestic demand. Currently, only a small group of people planning trips abroad forms a significant demand for foreign currency, so the risk of a sharp jump in demand for foreign currency is minimal.

• After the limits are lifted, fluctuations in capital flows are possible, but they will be moderate. The dynamics will be influenced by a balance of two factors: the weak need of the economy and the population to buy foreign currency and the potential interest of individual citizens in the dollar. However, this will not create significant pressure on the ruble, since most households have limited available funds, and ruble deposits bring returns above inflation, which makes currency conversion unattractive.

• The decision of the Central Bank itself does not mean a relaxation of currency controls, but rather reflects adaptation to new economic ties with India, China and the countries of Southeast Asia. The development of infrastructure for settlements in national currencies requires greater freedom for market participants, including private investors. Therefore, the lifting of restrictions can be considered as a step that facilitates the formation of new international partnership mechanisms.

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Market prospects

• Sanctions continue to put pressure on the foreign exchange market. At the same time, the Russian financial sector is undergoing a restructuring towards the use of national currencies in international settlements. The growth of settlements in rubles and the deepening of cooperation with BRICS partners are already strengthening the role of the Russian currency. New opportunities are opening up in Asian destinations, where the ruble is gradually expanding the space for interaction with the yuan and the rupee.

• The global system is likely to move towards multiple currencies and the formation of independent payment corridors between countries and economic associations such as the BRICS. Paradoxically, sanctions stimulate the development of financial models dominated by the currencies of key trading partners.

When writing the material, Izvestia interviewed:

● economist Alexey Rodin;

● Doctor of Economics, Professor of the Financial University Alexander Safonov.