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Bank of Russia imposed restrictions on transfers to close relatives abroad
According to Kommersant, citing a letter from Yuri Isaev dated March 3, the Central Bank has introduced another restriction for banks against the backdrop of “increased volatility” in the foreign exchange market. Thus, the Bank of Russia will impose a five-thousand-dollar limit on the monthly amount of transfers abroad from resident individuals’ accounts in favor of their spouses, close relatives (parents, children, grandfathers, grandmothers, grandchildren), full- and half-blood siblings, adoptive parents and adopted children.
“This is a forced measure taken to prevent a currency outflow from the country and avoid additional pressure on the ruble exchange rate in the current situation,” Anton Lopatin, senior director for financial institutions at Fitch, told the publication. The instruction supplements a series of decisions already taken to ensure financial stability, as follows from the text of the letter.