Ukraine hits Russian oil depot
Russia’s central bank said on Friday it would slightly ease restrictions on remittances abroad.
The bank said it would allow transfers of up to $10,000, or its equivalent in another currency, within a month. Friday’s decision only applies to residents and non-residents of countries that do not support sanctions against Russia for its invasion of Ukraine, the bank said.
Last month, Russia’s central bank banned non-Russians from transferring more than $5,000 a month out of the country.
Transfer amounts will be calculated using the Bank of Russia’s official exchange rates for the ruble against other currencies, the bank said.
Exchange rates within Russia’s borders have generally reflected a stronger ruble against the dollar than it has in international markets following a series of capital controls imposed by Moscow. . Analysts say the official rate is unlikely to reflect reality for Russians looking to buy dollars and euros.
On Friday, Sberbank PJSC offered about 78 rubles to customers selling a dollar, but demanded 89 rubles to buy a dollar. The Austrian Raiffeisen Bank’s Russian website listed 77 rubles for those selling the greenback and demanded 90 rubles to get it.
Russia retains a tight grip on its currency market, even with the easing of controls on the flow of money to certain countries. Russian brokerages are not allowed to let foreign clients sell securities, preventing a massive sell-off of ruble-denominated assets that will likely weigh on the Russian currency.
The Bank of Russia also limited amount of dollars that Russians can withdraw foreign currency bank accounts and prohibits banks from selling foreign currency to customers until early September.