The Central Bank of the Russian Federation has limited transfers abroad to spouses and relatives

Against the backdrop of “increased volatility” in the foreign exchange market, the Bank of Russia set another restriction for banks. This was reported by Kommersant with reference to a letter signed by Deputy Chairman of the Central Bank Yury Isaev.

It explains that the regulator limits the monthly amount of transfer abroad of $5 thousand for resident individuals from their accounts in favor of spouses, close relatives (parents, children, grandfathers, grandmothers, grandchildren), full and half sisters and brothers, adoptive parents and adopted.

According to Anton Lopatin, senior director of the Fitch analytical group for financial organizations, quoted by the media, “this is a forced measure and is being done so that the currency does not flow out of the country and does not put additional pressure on the ruble exchange rate in the current situation.”

Recall that the authorities of the Russian Federation began to take measures to limit the outflow of foreign exchange funds abroad and stabilize the domestic foreign exchange market against the backdrop of Western sanctions. The Central Bank, among other things, introduced restrictions on cross-border transfers between its accounts of Russian residents, introduced a commission for commercial banks when individuals and legal entities purchase currency on the stock exchange. The export of cash foreign currency abroad was also limited in the amount of the equivalent of $10,000, and exporters were obliged to sell 80% of the proceeds at exchange auctions, and the Central Bank began to require bankers to set high rates on foreign currency deposits – 5-8% per annum.