Central Bank introduces prohibition on card-to-card money transfers, resulting in funds being blocked.
In a bid to combat fraud and illegal financial activities, the Russian government is set to enforce new regulations on money transfers outside the banking system from July 2025. These changes, which will affect all users, including ordinary citizens, self-employed individuals, and entrepreneurs, are aimed at creating a safer and more transparent financial environment [1].
The new rules, which are amendments to Article 86 of the Tax Code, aim to increase oversight on incoming bank card transfers classified as income. This includes unofficial wages, rental payments, payments for goods or services without proper self-employed status, and large regular transfers [4]. The Federal Tax Service (FTS) will have the authority to request clarifications on such transfers and impose additional income or professional income taxes if the sources cannot be officially confirmed [4].
Andrei Yakolev, a member of the expert council at the Central Bank for digital economy issues, believes that implementing a three-tier control system is a logical step in the fight against cybercrime. These regulations are designed to combat fraud and illegal financial flows by targeting unreported income and suspicious money transfers, thus closing loopholes that allow evasion of taxes and laundering of funds [4].
Transfers clearly verified as gifts, assistance to relatives, debt repayments, or shared expenses are exempt from these controls. For transfers from 15,001 to 100,000 rubles, simplified identity verification will be required, including confirming details using a passport. Anonymity in financial transactions is no longer possible, bringing increased responsibility for the transparency of everyone's financial activities [4].
Large transfers over 100,000 rubles will require full identification, including providing a passport, INN, and, if necessary, confirming the source of funds [4]. These changes will affect operations through electronic wallets, marketplaces, and other services with internal balances [4].
In parallel, the Bank of Russia has prolonged restrictions on transfers abroad until September 30, 2025, including limits on amounts sent overseas by Russian citizens, residents from friendly states (up to USD 1 million/month), and restrictions on transfers by non-residents from unfriendly states or legal entities [1]. This further tightens control over cross-border fund flows, helping to prevent illicit capital flight and sanction evasion.
International sanctions and bans on transactions with Russian banks and entities continue under EU, UK, US, and OFAC frameworks to further restrict illegal and sanction-evading financial operations involving Russia [2][3]. Together, these domestic Russian transfer controls and international sanctions aim to combat fraud, money laundering, and illegal financial flows by increasing transparency, restricting unauthorized transactions, and enabling tax enforcement in Russia’s financial system starting July 2025 onward [1][4].
According to a study by Group-IB, in 2023, the volume of losses by Russians from fraudulent schemes using electronic payment systems exceeded 15 billion rubles [4]. Andrei Yakolev assures that these new regulations will minimize inconvenience for honest users [4]. The state is introducing three levels of control, depending on the transfer amount and user identification requirements [4]. Transfers up to 15,000 rubles via phone number or email will remain available, but the system will automatically monitor suspicious activities [4]. These new controls will also apply in the banking sector, making shadow deals involving high-value property more difficult.
- The new regulations on money transfers, amendments to Article 86 of the Tax Code, aim to not only combat fraud and illegal financial activities but also increase oversight on incoming bank card transfers, focusing on unofficial wages, rental payments, payments for goods or services without proper self-employed status, and large regular transfers.
- In the fight against cybercrime, Andrei Yakolev, a member of the expert council at the Central Bank for digital economy issues, believes that implementing a three-tier control system is a logical step, as these regulations are designed to combat fraud and illegal financial flows by targeting unreported income and suspicious money transfers, thus closing loopholes that allow evasion of taxes and laundering of funds.
- The Russian government's new rules will affect operations through electronic wallets, marketplaces, and other services with internal balances, requiring full identification for large transfers over 100,000 rubles, including providing a passport, INN, and confirming the source of funds. Transfers clearly verified as gifts, assistance to relatives, debt repayments, or shared expenses are exempt from these controls.
