TITLE: Russia's Central Bank Extends Fund Transfer Restrictions for Non-Residents from Unfriendly Countries
BODY:
On June 3, 2026, the Bank of Russia announced the extension of existing restrictions on fund transfers for non-residents from unfriendly countries through December 7, 2026. The restrictions, which were confirmed in the Bank of Russia's information notice dated June 1, 2026, maintain current limitations on cross-border payments.
Under the extended restrictions, employed non-residents from unfriendly countries working in Russia may transfer funds abroad limited to the amount of their salary. However, non-residents from unfriendly countries who are not employed in Russia, as well as legal entities from such countries, face a complete prohibition on transferring funds abroad. This prohibition does not apply to foreign companies under the control of Russian legal entities or individuals.
The restrictions do not affect foreign investors transferring funds invested in the Russian financial market from "In" accounts to accounts abroad. Additionally, banks from unfriendly countries may continue to conduct ruble transfers using correspondent accounts opened in Russian credit organisations, provided both the payer's and recipient's accounts are held in foreign banks.
The extension period runs from June 8 through December 7, 2026, inclusive. These measures form part of Russia's broader financial control framework implemented in response to geopolitical circumstances. The restrictions apply to individual non-residents and legal entities, with specific carve-outs for foreign investment activities and correspondent banking operations. Financial institutions operating in Russia must ensure compliance with these limitations when processing international transfers involving residents of unfriendly countries.