The Bank of Russia said it will lift part of the wartime restrictions on money transfers abroad from December 8, 2025. Russian citizens and non-resident individuals from so-called “friendly” countries will now be allowed to send any amount overseas.
Previously, the cap was $1 million per month for bank transfers and $10,000 through money transfer systems. For citizens of “unfriendly” countries, most restrictions remain in place: only those working in Russia may transfer money abroad, and only up to the amount of their salary. Those without work, as well as legal entities from those states, are still barred from making such transfers.
As the outlet notes, the capital controls were introduced in the spring of 2022 after the full-scale invasion of Ukraine in order to stop the ruble’s collapse and calm market panic. The authorities later eased the restrictions step by step.
Economists interviewed by Novaya-Europe see the latest move as part of a broader effort to counter an overly strong ruble. Since late 2024, the Russian currency has appreciated by about 25%, which, together with low oil prices, has reduced budget revenues from the energy sector.
“I believe this is a response to the excessive strengthening of the ruble,” financier Sergei Romanchuk told the publication.
At the same time, experts doubt that this step alone will significantly weaken the exchange rate. On the day of the announcement, the ruble fell by just over 1%, though analysts say that could reflect both the central bank’s signal and routine intraday volatility. In their view, high interest rates, weak imports, and the growing share of the ruble in foreign trade settlements have a much greater effect on the exchange rate than private transfers.
Sources also said the decision may have been accelerated by Russia’s inclusion on a European list of countries with high risks of money laundering and terrorist financing, a move that could further complicate cross-border transfers in the near future.