Russian Citizens Can Make Foreign Transfers Up to $5000 Monthly

The Central Bank of Russia has decided to limit monthly foreign bank transfers by individuals to $5000 in order to ensure financial stability, according to a statement released by TASS news agency.

"Considering the growing instability in the currency market and in addition to previously adopted measures aimed at ensuring financial stability, the Bank of Russia instructs banks to limit foreign transfers by resident individuals to $5000," the Central Bank of Russia stated.

It is noted that the restrictions apply to transfers without opening a bank account and to transfers from the accounts of Russian citizens.