Currency control rules relaxed
Effective from April 1, 2024, it is no longer required to submit documents to the bank with respect to foreign trade transactions, the value of which does not exceed RUB 1 million.
Changes to the Instruction of the Bank of Russia that sets out the rules for submitting documents and information to the bank when companies carry out currency transactions[1] will take effect on April 1, 2024.
According to these changes, there will be an increase in the amounts for which it is necessary to file reports with the bank. From now on, it will be allowed not to submit documents to the bank’s currency control department when carrying out currency transactions for an amount of up to RUB 1 million. Previously, this threshold was RUB 600,000.
Changes have also been made to some other provisions of the Instruction of the Bank of Russia. For example, the duty to provide to authorized banks some documents confirming the movement of goods has been abandoned.
Nevertheless, in general, in view of the anti-sanction measures taken, the Central Bank of Russia is constantly tightening control over foreign trade and currency transactions, and so are banks over the transactions of their clients.
Forte Tax & Law is monitoring changes in legal regulation and the position of the Central Bank of Russia. We would be pleased to assist you in resolving difficult situations related to banking and currency rules and in dealing with banks and the Central Bank of Russia.
If you have any questions or you would like to discuss this further, please feel free to email Julia Talagaeva or Alexandra Yudina.
Sincerely,
[1] – Certain changes will take effect on January 1, 2026
– Instruction No. 181-И of the Bank of Russia dated August 16, 2017 On the Procedure for the Submission by Residents and Non-Residents to Authorized Banks of Supporting Documents and Information Confirming Foreign Exchange Transactions, on the Uniform Accounting and Reporting Forms related to Foreign Exchange Transactions, on the Procedure and the Time Limits for the Submission Thereof.
– Direction On the Introduction of Amendments to Instruction No. 181-И of the Bank of Russia dated August 16, 2017.