Russia media reports say Russia's central bank said on Marc 2 it is temporarily suspending transfers by foreign legal entities and individuals from several countries to accounts abroad.

"To prevent withdrawal of funds from the Russian financial market and to support financial stability the Bank of Russia has temporarily suspended transfers from accounts of non-residents of legal and physical entities from a number of countries to accounts abroad. Moreover, transfers for non-residents without opening accounts have been limited to 5,000 U.S. dollars or in the equivalent per month," the Russia Central Bank said, according to TASS.

“Transfers by non-residents without a bank account are restricted to 5,000 U.S. dollars or equivalent per month," the bank added, according to the news agency.

The restrictions reportedly do not apply to Russian citizens or to foreign nationals from countries that are part of the Commonwealth of Independent States (CIS).

The letter, in which the Central Bank of Russia banned from March 1 to 31, 2022, money transfers from Russia to other countries to non-residents from 43 countries that announced sanctions against Moscow, was sent by the regulator to credit organizations on March 1, RBC reported earlier.