Currency regulation and currency control

The third stage of the “Offshore amnesty” will require that foreign companies be redomiciled to Russia and funds be repatriated from foreign accounts The Russian Government has put before the State Duma draft laws prolonging the period when persons can voluntarily report certain types of assets, as well as accounts in foreign banks (the so-called “offshore amnesty”) until 29 February 2020. Yet, the application of the new (third) stage of voluntary reporting will be subject to rather stringent conditions.

A change in monetary and credit policy may serve as grounds for contractual terms and conditions to be reviewed Pepeliaev Group advises that the State Commercial Court for the city of Moscow has issued a notable decision in recognising a change in the monetary and credit policy carried out by financial authorities as grounds for the terms and conditions of a lease agreement to be reviewed.  

Significant amendments to currency legislation