Bellerage

Advances from the state-owned companies are to be received on special bank accounts

Advances from the state-owned companies are to be received on special bank accounts

Starting from July 1, 2018 prepayments from state-owned companies under contracts concluded through e-procurement systems will only be allowed to be received on special bank accounts.

The accounts should be opened in banks with a high credit rating (not lower than A-) or with own funds exceeding 100 billion rubles.

A special bank account is a separate escrow account created for particular cash transactions.

The most common types of specials accounts are:

  • Letters of credit - the recipient can administer the funds only after the transaction is completed;
  • Other accounts - funds on these accounts could be spent on validated purposes only.