The Government Commission on Monitoring Foreign Investment in the Russian Federation has decided to relax currency control when selling foreign currency.
By September 1, 2022, residents participating in foreign economic activity (FEA) should carry out a mandatory sale of foreign currency in the amount of 0% (previously this share was 80%) of the total amount of foreign exchange earnings. The specified norm can be applied if the following conditions are met simultaneously:
The amendments apply to Russian companies that:
The term of sale of foreign currency earnings is not later than 60 working days from the date of its transfer to transit currency accounts in authorized banks.
In order to use the designated permit, residents are required to send to the bank a number of necessary documents associated with transactions under foreign economic contracts. It is recommended to specify the list of such documents in an authorized bank.
In the matters of the implementation of relevant transactions, please contact Acsour experts.