The Central Bank of Russia announced on Monday that transfer limits on how much Russians and residents of Russia from countries that have imposed sanctions will be raised from $10,000 to $50,000 or the equivalent in another currency. The restrictions are set to end at the end of September.
The central bank imposed the restrictions in April, placing a wall between it and the global economy. Moving money through transfer services which do not require clients to open an account will remain limited to $5,000 for both Russian citizens and foreign residents.
The relaxed restrictions come after MPs heard in April that Russia's central bank has been "extremely successful" in its response after Russians rushed to withdraw their deposits at banks.
Foreign workers from countries the Kremlin has classified as "unfriendly" were allowed to transfer up to $10,000 worth of foreign currency from a bank account and $5,000 through money transfer services. The bank has now lifted restrictions for these workers, allowing them to transfer their entire earnings to accounts in their home country.
The regulator said it will maintain its ban on foreign transfers from people working in countries imposing sanctions on Russia, which has tied up $630 billion in foreign currency reserves currently held abroad.
The bank will also continue to block transfers from domestic brokers' accounts by individuals or legal entities from sanction-supporting countries for the same period. Other restrictions on Russian brokers have not been changed, the central bank said.
Russians are still able to exchange foreign currency for rubles in any amount. Russian banks will not be able to sell foreign currencies until Sept. 9.
The original limits were imposed at the same time as the President Vladimir Putin's government demanded that Russian companies withdraw any depositary receipts they have listed on foreign stock markets, in an apparent move to stabilize and shore up the Moscow Stock Exchange.
Russia initially imposed capital controls in March limiting Russians from withdrawing more than $10,000 in foreign currencies in cash until Sept. 9. The withdrawal amounts are given in dollars regardless of what currency the account is in.
The central bank has been cut off from liquidating assets abroad since February after Western governments cut some Russian banks off from the global interbank loan messaging system SWIFT.
--Additional reporting by Najiyya Budaly. Editing by Joe Millis.
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