Russia has implemented new restrictions on money transfers, limiting the amount that can be sent without a bank account to 100,000 rubles, effective May 30th. This measure aligns Russian legislation with international standards for combating money laundering and terrorist financing.

The new rules stipulate that transfers exceeding 100,000 rubles, or the equivalent in foreign currency, will require full identification and the opening of a bank account. This applies to simplified transfer methods, including electronic wallets. Individuals must provide their full name, passport data, registration and residence information, and SNILS number to comply. Anonymous transfers will still be permitted for amounts up to 15,000 rubles, as before.

The regulations will not affect bank customers or transfers made from existing bank accounts.

In related news, Russia plans to introduce a limit on cash withdrawals at ATMs of 50,000 rubles per day for certain citizens, starting September 1, 2025. This measure aims to combat fraud by obligating banks to verify if clients are withdrawing money under fraudulent influence. If fraud is suspected, the bank must limit cash withdrawals to 50,000 rubles per day for 48 hours.

Furthermore, as of May 15, 2025, restrictions have been placed on “droppers,” individuals involved in illegal schemes to withdraw money from bank cards registered in their names. These individuals, whose information is in the Central Bank’s database of fraudulent transactions, are now limited to transferring no more than 100,000 rubles per month. There are also proposals to introduce criminal liability for droppers, with potential penalties of up to 6 years imprisonment and a fine of up to 1 million rubles.