The requirements for loan agreements between legal entities that are residents and non-residents have been renewed.
If residents are engaged in foreign trade and provide foreign currency or Russian currency as loans to non-residents, a loan repayment date must be indicated in the agreement. If the agreement does not indicate such date, a bank may refuse to perform the transaction.
Moreover, a company that has issued a loan to a non-resident must ensure that deadlines for the repayment of the borrowed funds are met.
If the funds are not repaid on time, the bank will notify the Russian Central Bank and the company may have the sanctions below imposed on it:
Acsour will help you to properly formalize your relationships with foreign counterparties.