Russia raises cross-border money transfer limit to $1 mln/month

The Russian central bank said on Thursday that Russian residents will be able to transfer abroad the equivalent of $1 million per month to their or third party accounts, raising the ceiling from the previous $150,000 from July 1.

Russia is relaxing capital controls to prevent the rouble from firming as the strong currency dents budget revenues and incomes of commodity-focused companies. Russia imposed capital controls to shield its financial system and economy after Moscow sent tens of thousands of troops into Ukraine on Feb. 24, triggering unprecedented western sanctions.