Currency regulation and currency control
Alerts
Pepeliaev Group advises that on 11 August 2020 amendments to the Federal Law “On currency regulation and currency control” will come into effect. The amendments extend possibilities to utilise foreign accounts of foreign branches and representative offices of Russian entities. They also introduce the obligation to submit statements on the flows of financial assets in foreign accounts, and provide various other clarifications.
The Russian Federal Tax Service (the “Federal Tax Service”) has published Letters No. VD-4-17/7012@ dated 24 April 2020 and No. VD-4-17/8044@ dated 15 May 2020, which contain clarifications of issues relating to currency control in the conditions of the measures taken to prevent the spread of the coronavirus infection, including the timeframes for entities and individual entrepreneurs to submit reports concerning the movement of funds on foreign accounts.
The Russian Government’s Resolution No. 528 dated 17 April 2020 has been published introducing changes in the rules for submitting cash flow statements by both organisations and individuals.
Pepeliaev Group advises of the signing of Federal Law No. 72-FZ dated 1 April 2020 “On amending articles 15.25 and 23.1 of the Russian Code of Administrative Offences”.
Pepeliaev Group advises of the publication of the Bank of Russia's Instruction No. 5371-U dated 24 December 2019 "On cases of funds being credited to accounts (deposits) of residents opened in financial market institutions located outside the Russian Federation, and funds being debited from such accounts (deposits)".