Bank of Russia eases foreign exchange control rules under foreign trade contracts related to transport and for small businesses
The Bank of Russia has decided to cancel the 30%-limit on advance payments for some contracts made with non-residents for delivery of services, performance of work, transfer of information and copyright products.
The restrictions have been lifted for such contracts amounting to less than $15,000. Also, it will be permitted to make advance payments for services rendered under foreign trade agreements related to goods transportation, other transport services, logistics, use of transport infrastructure.
The said easing will help improve the conditions of foreign trade for Russian businesses including small and medium-sized enterprises.
The amount of payment is to be calculated at the exchange rate set by the Bank of Russia on the date of contract.