Bank of Russia eases requirements for importers and non-resident banks
The Bank of Russia has cancelled the 30% limit on advance payments in favour of non-resident banks under import contracts for providing services, performing works, and transferring intellectual property, which has been effective since April 2022.
This decision is aimed at supporting foreign economic activity, creating conditions for building new logistics chains for import supplies.
In addition, the regulator allowed non-resident banks from unfriendly countries to buy and sell one foreign currency in exchange for another, as well as to conclude deliverable FX forward and swap contracts in the Russian foreign exchange market. But the prices in these contracts should not deviate by more than 2% from the prices for similar instruments in Russian on-exchange trading and international markets at the time of their conclusion. The new solution will help Russian banks better satisfy the demand of businesses and households for a specific foreign currency.
Until now, all non-residents from unfriendly countries have been prohibited to buy and sell foreign currency for both rubles and other foreign currencies. This ban is still valid for ruble transactions, as well as for non-residents other than banks.