Foreign exchange control rules under foreign trade contracts eased
Russian companies participating in foreign trade are now relieved of the obligation to submit to banks documents about transactions with foreign partners if the amount of such a transaction does not exceed ₽1 million. Earlier, this threshold was ₽600,000.
The relevant changes provided for by the Bank of Russia ordinance become effective on 1 April 2024.
The obligation of companies to send transportation, shipping and other documents confirming the movement of goods within the EAEU to authorised banks is also cancelled. The Federal Customs Service will independently exchange such information with banks in electronic form.
Moreover, companies are entitled to pay under registered foreign trade contracts via any authorised bank and not via that one where these contracts are registered.
The ordinance defines the specifics of submitting documents about cash transactions with foreign counterparties to the bank and preparing reports on such transactions. The content of information reflected in bank control records has been expanded. This is done to monitor and account foreign exchange transactions more effectively.