Clifford Chance

Russian Currency Control: More Freedom Under State Control (Russian)

19 August 2014

In early August 2014 amendments to the legislation on currency regulation and currency control entered into force, increasing the range of cases where money can be credited to accounts of Russian residents opened in banks outside Russia. The addition of such statutory provisions mitigates the risk of infringement of the currency control legislation by residents when using accounts outside Russia by reducing the possibility of varying interpretations of the legality of simple transactions performed by residents in accounts in foreign banks. Having thus eased restrictions on foreign accounts, the government is at the same time requiring more stringent reporting by residents.

 

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