IMPLEMENTATION LEVEL

National

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 02 Aug 2014 | Removal date: open ended
Still in force

Control on personal transactions

On 2 August 2014, entered into force Federal Law No. 218-FZ, 'On amendments to certain legislative acts of the Russian Federation' of 21 July 2014.
 
The law introduces liberalising amendments in the Russian currency control legislation by extending the list of allowed currency transactions allowed to be carried out by the currency control residents via their accounts in foreign bank. Currency control residents are Russian citizens and holders of a residence permit, unless they stay abroad for more than one year. In addition, the new law introduces reporting obligation for the residents.
 
The new law, however, does not remove the effective ban on many types of currency transactions carried by the residents (for example the residents cannot transfer to their foreign bank account their paid by foreign entity employment-related income without the conclusion of a proper employment agreement).

AFFECTED COUNTRIES

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