The Ministry of Finance has prepared a draft resolution aimed at providing residents with the opportunity to receive cash from non-residents under export contracts as advance payments, as well as the right for residents to choose the authorized bank for the sale of foreign currency with subsequent crediting not only in Russian currency, but also in other foreign currencies.

The project was developed in accordance with paragraph 7 of the Decree of the President of the Russian Federation dated October 15, 2022 No. 737 “On some issues of implementation (execution) of certain types of transactions (operations),” as well as proposals from the Central Bank of Russia.

It is envisaged that residents will be entitled to receive foreign cash and/or Russian cash in an amount due under foreign trade contracts concluded between residents and non-residents, providing for the transfer of goods, performance of work, provision of services, transfer of information and results of intellectual activity, including exclusive rights to them, as well as due under foreign trade contracts as a refund of advance payment for goods not imported into the Russian Federation (not received on the territory of the Russian Federation), work not performed, services not rendered, information and results of intellectual activity not transferred, including exclusive rights to them, and/or due under loan agreements in the event of loans granted by residents to non-residents.

It is planned that when a resident sells foreign currency to an authorized bank after its import into the Russian Federation, he will be entitled to purchase not only rubles, as currently, but any currency, with the obligation to credit the received money to his account in the authorized bank.

Overview of Sanctions and Other Restrictions, as well as Legislative Easements and Measures of State Support for Business in Russia

Corporate finance Currency control Foreign currency International payments International trade Sanctions