Russian central bank extends restrictions on transfers from “unfriendly” countries
Date
9/27/2023 8:12:45 AM
(MENAFN) The Russian central bank has announced the extension of restrictions on financial transfers to foreign destinations made by non-residents from countries considered 'unfriendly' by Russia. These measures are set to remain in effect for an additional six months, starting from October 1.
As outlined in a statement released by the Bank of Russia on Tuesday, these limitations will encompass transfers originating from both individual and corporate accounts. The central bank justified this decision by citing the need to preserve financial stability within the country.
The inception of these restrictions dates back to April 2022 when the Bank of Russia first introduced them. Since then, they have been periodically extended, with the most recent extension occurring in March of this year.
This move underscores Russia's commitment to implementing and maintaining stringent financial controls, particularly in response to perceived hostilities from certain foreign nations. It also reflects the country's ongoing efforts to safeguard its financial system and economic stability in a complex geopolitical landscape.
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