Cancellation of obligation for Russian exporters to repatriate proceeds in foreign currency

The law came into force, which abolishes the obligation of exporters to repatriate proceeds in foreign currency - with the exception of contracts for the export of certain categories of goods. The changes apply, among other things, to contracts concluded before July 1, 2021. Thus, the proceeds from export contracts can be credited to the accounts of companies opened outside the Russian Federation.

We would like to draw your attention to the fact that the obligation of residents to repatriate under loan agreements, advances paid to non-residents for services not provided and goods not imported to Russia is fully preserved.

Bellerage consultants are always ready to help you in settling payment obligations with non-resident companies in accordance with the requirements of Russian legislation. Contact us at russia@bellerage.com