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Head of Group, Administrative Law Defence of Business
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Currency regulation and currency control

Currency regulation and currency control

Since the date on which it was founded, our team of specialists at Pepeliaev Group has been offering our clients legal support in all matters related to foreign currency regulation and control: pre-trial resolution of disputes with supervisory authorities, litigation, advisory services, legislative drafting and more. 

The professional recommendations that our lawyers issue help our clients to overcome administrative barriers, reduce the risks of confiscatory fines being accrued, currency profits being lost and criminal liability being imposed without any grounds for this.

Our experts in foreign currency regulation are also experts in taxation. This combination enables them to find integrated solutions to handle issues that may arise out of complex financial deals, the reorganisation of groups of companies and when dealing with particular categories of disputes with tax authorities over interconnected claims in tax and foreign currency legislation.

Being a member of international associations of law firms TerraLex and Taxand, Pepeliaev Group is able to address complex tasks from related areas of law, including anti-money laundering, banking and financial law, even if it involves other jurisdictions, such as the USA, the UK and EU countries. 

The profound knowledge of our specialists and their professional experience gained over the years have been reflected in a book written by one of the firm’s senior partners, Ivan Khamenushko, entitled “Currency regulation in the Russian Federation: the rules, control, and liability.” Journalists from leading business and legal media outlets regularly ask lawyers of Pepeliaev Group, as the country's leading experts in this area, to provide comments on currency issues.

Our services:

  • Advising companies and individuals;
  • Transactional due diligence to identify the risks of non-compliance with foreign currency legislation;
  • Providing legal support in executing the report forms for currency transactions known as ‘transaction passports’ , accounting records and accounts for currency control purposes;
  • Developing and adjusting internal currency control systems;
  • Compliance;
  • Providing legal support in disputes with regulatory authorities;
  • Defending clients in administrative cases, including criminal cases with a foreign currency element;
  • Appealing against fines.

Projects

Currency transactions during the World Cup Identified the special status of the World Cup’s Organising Committee. Drafted amendments to Russian currency legislation that are aimed at entirely lifting the restrictions on the movement of currency at the time of the World Cup, as well as cancelling existing procedures allowing credit organisations to control currency transactions. Developed and amended special state regulation procedures with regard to the sale of alcohol.
Risks associated with producing goods from Chinese raw materials Further to instructions from a Russian light industry company, we analysed potential customs and currency risks associated with producing goods from Chinese raw materials in Ukraine on the give-and-take basis (i.e. goods were produced from the client’s raw materials). We also drafted an opinion regarding the criteria showing whether the goods produced in Ukraine have been sufficiently processed and whether this scheme allowed for the customs benefits to be applied when finished products are imported into Russia.
Other projects