Russia tightens bank account control

The government is trying to stop billions of dollars flowing out of

Russia has introduced fines on transactions by Russian nationals who send money to overseas bank accounts.

Amendments to existing laws on financial controls stipulate fines ranging from 75% to 100% of any transfer to a foreign account which did not go through a Russian bank account.

This may affect those who rent flats in foreign cities or receive payments for freelance work from non-Russian firms.

The government is trying to stop capital flight and to fight corruption.

According to central bank estimates, capital flight in 2012 came to USD56.8bn.