Russia will extend capital controls in the face of ongoing economic pressures.

The Central Bank of Russia will extend capital controls on cash foreign exchange withdrawals and transfers abroad.

In a statement, Russian Central Bank Governor Elvira Nabiullina said that the strict controls implemented last year in response to Western sanctions had been lifted or eased in many cases, but current economic conditions require the continuation of existing controls.

Nabiullina said, “All restrictions on cash withdrawals from bank accounts, transfers of funds abroad, and withdrawals of funds by citizens of unfriendly countries have been extended.”