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7/5, 5:53 PM (Source: TeleTrader)
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Putin's decree restricts money transfer abroad

Russian President Vladimir Putin signed on Tuesday a decree barring Russian residents from transferring foreign currency income received in the form of dividends from Russian companies to foreign accounts, the document published on the official portal of legal information read.

According to the decree, Putin allowed the legal commission to restrict the transfer of currency by residents to their accounts in foreign banks and other financial market organizations. In addition, new measures imply that the country may impose restrictions on the transfers of money that are being conducted "without opening a bank account using electronic means of payment provided by foreign payment service providers."

The Bank of Russia earlier allowed its citizens to transfer funds in rubles to their accounts that were opened in foreign banks in rubles.

Baha Breaking News (BBN) / MM