The Central Bank of Russia said on Thursday, June 30 that it would allow Russians to wire up to $1 million to foreign accounts, from the previous limit of $150,000, starting July 1, United News of India says.

"Since 1 July 2022, individuals — Russian residents may transfer no more than 1 million US dollars or an equivalent amount in another foreign currency during one calendar month from their accounts with a Russian bank to their foreign accounts or to another individual abroad," the regulator said in a statement.

The central bank noted that a similar threshold has been set for transfers made by residents of friendly states.

"The limits on money transfers have been raised owing to a stable situation in the domestic foreign exchange market," the statement read.

On February 24, Russia began a war in Ukraine, which was followed by the United States and its allies imposing comprehensive sanctions against Russia.