Currency changes: Spring 2018 collection

Currency changes: Spring 2018 collection

As of 1st of March 2018, a special registration procedure has been implemented by the banks replacing the passports of deal required previously.

Import contracts for the amount exceeding ₽ 3 mil. and export contracts for the amount exceeding ₽ 6 mil. are subject to registration. Russian residents exporting goods will be able to have their contracts registered within one working day.

Instead of currency transactions references, a set of documents, on the basis of which the operation will be conducted has to be filed to the bank. This set of documents does not have to be filed, provided that:

• the amount of the contract does not exceed ₽ 200 000, and

• under the agreement, the currency is credited to the resident's transit account or debited from its operating account.

As of 14th of May 2018, tax residents must indicate the terms for performance of obligations in their contracts with non-residents. Furthermore, the list of grounds allowing banks to refuse to conduct the transaction has been significantly expanded, and the responsibility of the company’s officers for breached of currency regulation has been increased.

These and other changes that took effect this spring significantly change the nature of the currency regulation.