Russia wants to ban migrants from making overseas transfers exceeding their salary

Russia may restrict money transfers by migrants: deputies propose to tie amounts to official income

As reported by TUT.AZ with reference to kp.ru, a group of Russian parliamentarians has put forward an initiative that could significantly change the rules for money transfers for foreign citizens. Deputies Alexey Nechaev, Sardana Avksentyeva, and Vladimir Plyakin sent a proposal to the Central Bank of the Russian Federation to prohibit migrants from transferring abroad amounts exceeding their official earnings.

"In order to increase the transparency of financial transactions, combat the shadow economy, increase tax revenues and ensure economic security, we consider it necessary to consider the issue of amending the current legislation," says the text of the appeal, which was made available to kp.ru.

Notably, in 2023, labor migrants set a record for the volume of money transfers to their homeland, which exceeded 18 billion dollars. This impressive amount demonstrates the significant impact of such transfers on the economies of recipient countries.

According to representatives of the "New People" party, many migrants evade paying taxes while actively using social services in Russia. The proposed changes are aimed at strengthening control over financial transactions, ensuring tax payments, and preventing the legalization of illegal income.