Currency regulation
State rules on who may carry out currency transactions and settle with foreign partners, how, and in which cases.
Currency regulation: the state’s activity of setting rules for currency transactions. It determines who can buy and sell foreign currency, open accounts abroad and settle with non-residents, and how. The main law is Federal Law No. 173-FZ On Currency Regulation and Currency Control.
Who sets the rules
The currency regulation authorities are the Bank of Russia and the Government. The Bank of Russia issues instructions. The one foreign trade companies know most is Bank of Russia Instruction No. 181-I on submitting documents and registering contracts.
Since 2022, special measures have been added to the law. They are introduced by presidential decrees and decisions of a government commission: restrictions on certain transactions, requirements for proceeds, special permits. Such measures change more often than the law, so they are checked as of the deal date.
Regulation and control
Regulation sets the rules, and currency control checks compliance with them. The control authorities are the Bank of Russia, the tax service and customs. In day-to-day work, control is carried out by your authorized bank as a currency control agent.
What this means for a company
- Transactions with non-residents in foreign currency and in roubles count as currency transactions, and the bank requests documents for them.
- Currency transactions between residents are prohibited as a general rule, and the exceptions are listed in the law.
- For exports, there is a requirement to repatriate proceeds; for imports with prepayment, to import the goods or get the advance back.
- Violations carry fines under the Code of Administrative Offenses.
What to watch for
The rules change, and responsibility lies with the resident, even if an intermediary made the payment. So the document set for each payment must explain the whole chain to the bank.
We put together the currency control package for a payment through an agent. More on the Currency control page.
This is a general overview. We decide on your deal after reviewing the documents.
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Describe the payment. We'll reply with a proposed route and terms. We name the agent in advance, and the rate and fee go into the payment order before your roubles are debited.