14 february 2018

Amendments to currency control regulations in 2018

The amendments to Federal Law No. 173-FZ of December 10, 2003 "On Currency Regulation and Currency Control", which came into force starting January 2018, has changed the existing order of currency control.

Currency control is not simplified, but the order of document circulation between the bank and the resident becomes more convenient.

The main innovation is a replacement of the obligation to issue a transaction passport with an obligation to register foreign trade contracts. As far as the new mechanism facilitates the activities of residents, remains to be seen.

It is important to consider a concept of "officials" for the purpose of bringing to administrative responsibility for violation of currency legislation.

It should be noted that some of the changes considered by the Bank of Russia instructions, in particular, the abolition of transaction passports, require reflection in the Law itself. However, to date no relevant act has been adopted.

More details about this you may find in the attached presentation.