Bellerage

New Year – new currency control rules

New Year – new currency control rules

The new 2018 year is to begin with several changes in currency control.

Starting from January 1st, 2018 deal passports and currency operation certificates will be eliminated. However, the obligation to provide all necessary confirming documents remains the same.

Apart from that, starting from May 14th, 2018 banks will be allowed to decline currency operations in case of any currency legislation mismatch or violation, while now the only legal ground for such decline can be non-provision or provision of unreliable confirming documents. Therefore it is expected that control over documents and nature of operations will become tighter.