Russia plans to restrict foreign transfers in rubles

The Central Bank of Russia has confirmed that there are discussions underway regarding the idea of limiting foreign transfers in rubles. Currently, there is a debate on how to modify foreign exchange regulations, and various options are being considered.

Deputy Chairman of the Bank of Russia, Alexey Guznov, stated that "the steps already taken may become part of the future foreign exchange regulation system, but final decisions have not yet been made." He emphasized that limiting foreign transfers in rubles is one element of the discussion and requires further analysis, including consideration of the volumes and the impact on capital flows. Guznov also highlighted the importance of ensuring flexibility in settlements and financial stability in any changes to the foreign exchange control system.

Limits on ruble transfers abroad were proposed by Andrey Kostin, the Chairman of VTB's Management Board. According to him, Russia should impose the same restrictions on ruble transfers abroad as it does on foreign currency transfers. The proposed limit is set at 100 million rubles per month.

Currently, Russia has restrictions on transfers: Russian citizens and residents from friendly countries can transfer no more than 1 million dollars or the equivalent amount in another foreign currency to any foreign accounts within a month. The Central Bank of Russia has extended this measure until September 30th.