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Clifford Chance

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New rules on monitoring of currency operations in Russia. Abolition of deal passports (English)

28 February 2018

On 1 March 2018 Instruction No. 181-I of the Central Bank of Russia of 16 August 2017 (the "Instruction") enters into force, bringing notable changes to the treatment of currency operations. One of the main aims of the new regulation is to simplify the currency control requirements for persons performing currency operations, particularly as regards the monitoring ("uchet") of currency operations. This briefing presents an overview of the key changes in the regulatory requirements and addresses certain practical aspects we believe are deserving of attention.

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