In June 2022, the Russians broke the record of 2018 by exporting foreign currency worth 266.1 billion rubles. This is stated in the data of the Central Bank of the Russian Federation on household transactions and RBC settlements.
According to the Bank of Russia, in June 2022, Russians took $4.7 billion abroad, which is a record since 2018. It is noted that compared with May, the volume of transactions has more than tripled. The previous surge in Russian savings transfers abroad was in February, when it reached $4.3 billion.
Egor Susin, Managing Director of Gazprombank Private Banking, believes that the surge in transfers to foreign accounts is the result of a “large surplus of foreign currency in non-cash form” in the domestic market of the Russian Federation. The second reason the expert calls the softening of the restrictions of the Central Bank on transfers abroad, which were introduced at the beginning of the crisis.
Western countries have frozen the foreign exchange reserves of the Russian Federation due to a special operation in Ukraine. The Central Bank of Russia has already stated that Russia’s gold reserves are stored on the territory of the Russian Federation. To protect the economy, restrictions were imposed on the movement of capital, a ban on the sale of securities by foreign investors and a ban on their withdrawal of funds from the Russian financial system. In June, the Central Bank raised the limit on transfers abroad to one million dollars.