Bellerage Alinga

Softening of Currency Legislation Requirements from 01.01.2020

Softening of Currency Legislation Requirements from 01.01.2020

From the 1st of January, 2020, the requirement of mandatory return of advance payments from foreign counterparties by Russian companies is canceled. Previously, if the Russian supplier did not provide signed closing documents to the bank on the transaction in time, the company was obliged to return the advance payment to the foreign buyer. Otherwise, the company was fined - up to 100% of the advance amount. 

The innovation applies to residents who provide services, non-primary goods and intellectual property to non-residents. The required condition is that the currency of the price and the currency of payment in the contracts must be RUB.