In 2022, the conditions for doing business in Russia have changed significantly. A multitude of sanctions, restrictions, relaxations, and measures of state support are being implemented. The lawyers and tax consultants at Konsu have prepared an overview of the main changes. We constantly monitor the situation and add information about the changes as the relevant documents are adopted and come into force.

Foreign currency

Mandatory sale of foreign exchange earnings by exporters

28.02.2022 Presidential Decree No. 79 was published on February 28, 2022. Russian currency residents are required to sell 80% of the amount received from foreign currency earnings no later than 3 business days from the day the currency is credited. The requirement also applies to foreign currency earnings received from January 1, 2022 to February 28, 2022. It must be sold by March 3, 2022. Starting from March 1, currency transactions related to “providing residents with foreign currency in favor of non-residents under loan agreements” are prohibited (paragraph 3, clause 3 of the Decree).

19.04.2022 The Bank of Russia increased the period for the sale of foreign currency earnings for non-raw materials and non-energy sector exporters to 60 business days.

16.05.2022 Russian residents of foreign currency who are parties to both export and import contracts may not sell 80% of their foreign exchange earnings if these contracts are accounted for in the same bank. In this case, the debiting of currency in favor of a non-resident for import will occur from a transit currency account, on which currency for export must be credited in advance (Protocol of the meeting of the government commission on foreign investment control).

24.05.2022 Published on May 23, 2022, Presidential Decree No. 303 has been released. The mandatory sale of foreign currency earnings has been reduced to 50%. The authority to determine the terms of the sale has been transferred to the Central Bank of Russia.

26.05.2022 The Bank of Russia has increased the deadline for selling foreign currency revenue to 120 business days (Decision of the Board of Directors of the Bank of Russia).

09.06.2022 Published the Decree of the President dated 09.06.2022 No. 360. Universal rate of mandatory foreign currency sale for all exporters has been cancelled. The authority to determine the size of mandatory currency sales has been transferred to the government commission.

15.08.2023 Government ministries and the Central Bank of Russia are discussing measures with exporting companies to stabilize the ruble exchange rate, considering the possibility of reinstating the requirement for mandatory sale of foreign currency earnings (up to 90% of it) (Interfax, Kommersant).

Bank accounts in foreign currency and currency transactions

  • 27.04.2022 Opening accounts in international banks on the territory of Russia for foreign companies
  • 10.06.2022 The Bank of Russia stated that it is unacceptable to change the terms of previously opened accounts.
  • 14.06.2022 The Central Bank of Russia in its letter to credit institutions states that practices of introducing commissions and closing foreign currency accounts unilaterally “do not correspond to the interests of consumers” and the Central Bank of Russia “will monitor the actions of credit institutions to increase/establish commissions under contracts for banking accounts and deposits concluded with citizens for their compliance with the requirements of the legislation of the Russian Federation” and prevent violations.
  • 14.07.2022 Federal Law No. 292-FZ was published on July 14, 2022. Banks are allowed to charge a fee on foreign currency deposits of legal entities: “Along with the accrual of interest under a foreign currency bank deposit (deposit) agreement, for which the depositor is a legal entity, a credit organization may provide for the collection of a commission fee, which is subject to debiting from the account on which the deposit is made. The amount of the commission fee may exceed the amount of interest on the deposit paid by the credit organization under such bank deposit (deposit) agreement.”
  • 04.08.2022 The Central Bank of Russia has published a report stating that the bank “will promote the acceleration of the natural process of devaluation of banking operations by introducing additional regulatory measures aimed at reducing the conduct of operations in ‘toxic’ currencies” and “additional measures may be required to discourage real sector companies from using ‘toxic’ currencies.”
  • 05.08.2022 The Bank of Russia recommends that banks inform customers in advance of changes in service conditions – “for example, not less than 15 days in advance.”
  • 08.08.2022 The Decree of the President No. 529 of 08.08.2022 has been published. Banks are allowed to suspend the execution of obligations to individual entrepreneurs and legal entities in the currency of countries that have frozen the assets of these banks or have taken other restrictive measures against these banks. On 09.08.2022, the Central Bank clarified that the effect of the decree applies only to the currency that has been credited to accounts after the entry into force of the decree.
  • Changes in banking services
  • 25.02.2022 Raiffeisen Bank will be charging a commission of 3,500 rubles for incoming payments in foreign currency from other banks starting from February 26th.
  • 27.02.2022 The SWIFT restrictions, if introduced, will only affect foreign currency transfers abroad. Other operations and services will continue to work as usual (Raiffeisen Bank).
  • 28.02.2022 The purchase of foreign currency in Raiffeisen Bank for an amount exceeding 100,000 rubles is possible only by prior order. The number of days depends on the amount. See the bank’s website for details.
  • 04.03.2022 The commission for purchasing foreign currency through brokers has been reduced from 30% to 12% for individuals and introduced at a rate of 12% for legal entities (Central Bank of Russia).
  • 05.03.2022 The commission for small business clients of Raiffeisen Bank for transfers from business accounts to individual accounts has temporarily increased.
  • 10.03.2022 Raiffeisen Bank cancels the commission for servicing euro accounts
  • 07.06.2022 Starting from June 30, 2022, Raiffeisen Bank introduces a commission for servicing funds on current currency accounts (0.2% per month on the amount exceeding threshold values, which depend on the client category, from $5,000 at the end of the month).
  • 09.06.2022 Tinkoff is introducing a commission for servicing accounts in dollars and euros starting from June 23rd.
  • 21.06.2022 Rosbank introduces a commission for the maintenance of dollar and euro accounts from July 4th (TASS)
  • 14.07.2022 Raiffeisenbank will increase fees for currency accounts starting from July 31. Additionally, starting from July 18, the conditions for currency transfers to Russian and foreign banks through bank branches will change (minimum amount of 5,000 in the currency of the account or 500,000 for Japanese yen). For online transfers through the bank’s app, the limit will be $3,000 USD or equivalent in another currency at the exchange rate of the Central Bank of Russia on the date of the transaction starting from August 1.
  • 18.07.2022 Participants of foreign economic activity are now allowed to receive payment for foreign trade contracts into foreign bank accounts.
  • 19.07.2022 Gazprombank is introducing a commission for servicing accounts in dollars and euros from July 20th
  • 21.07.2022 UniCredit is introducing a commission for servicing accounts in dollars and euros from October 1st.
  • 26.07.2022 UniCredit Bank and Bank DOM.RF have suspended the opening of accounts in dollars and euros (Izvestia).
  • 26.09.2022 Raiffeisen Bank clients can access current accounts and transfers in Chinese yuan.
  • 19.10.2022 Raiffeisen Bank increases the amount that can be kept on an account without commission to $10,000 from October 20, 2022. A commission of 0.5% to 1% (not less than $10) will be charged on amounts exceeding this limit.
  • 24.10.2022 Raiffeisen Bank resumes the sale of cash dollars and euros in some branches of Moscow, St. Petersburg, Krasnodar, Nizhny Novgorod, and Novosibirsk. To purchase more than $2,000, a pre-order is required one working day in advance, for amounts exceeding $100,000 – two working days in advance. List of branches.
  • 28.10.2022 CitiBank plans to carry out mandatory currency conversion to rubles on accounts (Frank Media) starting from December 12.
  • 28.11.2022 Raiffeisen Bank increases the minimum threshold amounts on foreign currency current accounts, from which no servicing fee is charged, from December 13, 2022: up to 1,000,000 for accounts in Japanese yen, up to 10,000 for accounts in euros, pounds sterling and Swiss francs, and up to 20,000 in US dollars (up to $100,000 for owners of “Premium” and “Premium 5” service packages).
  • 12.12.2022 Raiffeisen Bank will charge a commission of 0.5% of the transfer amount for transfers from debit cards to Golden Crown, Unistream, Contact, and Universal Bank services, from December 19, 2022.
  • 13.12.2022 Raiffeisen Bank increases the minimum sizes of currency deposits served without commission: “up to 20,000 in US dollars (up to $100,000 for owners of the ‘Premium’ and ‘Premium 5’ service packages); up to 10,000 for accounts in euros, pounds sterling and Swiss francs; up to 1 million for accounts in Japanese yen” (TASS).
  • 19.12.2022 VTB has launched cross-border money transfers to Iran in rials (RBC).
  • 20.12.2022 Tinkoff has resumed international transfers in euros for businesses (minimum amount – €10,000) (TASS).
  • 20.12.2022 Rosbank suspends operations in US dollars, euros, and dirhams (bank’s Telegram channel).
  • 21.12.2022 The conditions for currency transfers to Russian and foreign banks are changing for Raiffeisen Bank clients from December 23. For online transfers, the minimum amount is $5,000 (or equivalent), the commission is 2% (minimum $100, maximum $300). In the office, the minimum amount is $5,000 or euros, or 500,000 Japanese yen, and the commission is 3% (minimum $100, maximum $300).
  • 25.01.2023 Raiffeisen Bank will stop accepting cash US dollars and euros at its ATMs from February 1. It will be possible to deposit cash currency at the bank’s branches.
  • 21.02.2023 The minimum amount of outgoing payment in US dollars for legal entities in Raiffeisen Bank from March 2, 2023, will be $15,000.
  • 22.02.2023 The threshold values for charging commissions in Raiffeisen Bank will change from March 2023.
  • 23.02.2023 Raiffeisen Bank has limited the number of Russian banks with which foreign exchange transactions are conducted to five (Frank Media).
  • 27.02.2023 Raiffeisen Bank will increase the minimum amount for online transfers in foreign currencies to $10,000 (or the equivalent in the exchange rate set by the Central Bank of Russia on the day of the transaction) starting from March 6. The limits for transfers made at the bank’s branches are $10,000 for US dollars, euros, British pounds, and Swiss francs, 70,000 Chinese yuan, or 1,000,000 Japanese yen.
  • 03.03.2023 Raiffeisen Bank temporarily suspended the opening of accounts for legal entities. (RBK)
  • 27.03.2023 The minimum transfer amount in dollars and euros for Raiffeisen Bank customers will be 20,000 dollars/euros. The fee for all transfers will be 300 dollars/euros (Raiffeisen Bank).
  • 19.04.2023 Intesa Bank stopped opening currency accounts for new private clients in Russia (Forbes).
  • 05.05.2023 Raiffeisen Bank International (RBI) has terminated correspondent relations with all Russian banks except AO “Raiffeisenbank” (Vedomosti).
  • 02.06.2023 – Tinkoff introduces a 1% commission for account top-ups in dollars and euros (Tinkoff).
  • 09.06.2023 Raiffeisen Bank introduces a 50% commission (up to $500) on incoming transfers from individuals in dollars and euros. The new conditions do not apply to incoming transfers credited to the accounts of corporate clients, individual entrepreneurs, and private banking clients. (Raiffeisen Bank).
  • 18.06.2023 Bank of China restricted transfers in yuan to the European Union, Switzerland, the United Kingdom, and the United States for clients of Russian banks (Frank Media, Akibank, Kommersant).
  • 21.06.2023 Raiffeisen Bank ceases transfers in euros to the following countries: Russia, Azerbaijan, Armenia, Belarus, Georgia, Jordan, Kazakhstan, Kyrgyzstan, Moldova, United Arab Emirates, Tajikistan, Turkmenistan, Uzbekistan (Raiffeisen Bank).
  • 26.07.2023 Starting from August 1, Raiffeisen Bank will cease to accept currency – euros and US dollars – from individuals at the bank’s cash desks (Raiffeisen Bank).
  • 10.08.2023 Renaissance Credit will introduce a commission of 10% of the amount for deposits exceeding 10,000 dollars/euros per day at its cash desks (TASS)
  • 21.08.2023 Citibank will suspend currency exchange and purchase services at its cash desks (Forbes).
  • 21.08.2023 New restrictions for Raiffeisen Bank customers will apply: “Starting from September 1, 2023, a fee for crediting funds from other banks (inward transfers) in US dollars to the accounts of individual clients, as well as small and micro businesses (legal entities and individual entrepreneurs), will be 50% of the transfer amount, with a minimum of $1,000, but not exceeding the incoming amount. The maximum fee amount will be $10,000” (Raiffeisen Bank).

Currency transactions under loan agreements

30.12.2022 An excerpt from the minutes of the Commission on Control over Foreign Investment was published. Until March 31, 2022, currency transactions related to the provision of foreign currency to non-residents under loan agreements are allowed.

Foreign cash

01.08.2022 Central Bank of the Russian Federation extended restrictions on cash withdrawals until March 9, 2023 (News on the Central Bank website). February 17, 2023 The restrictions are planned to be extended (Interfax). Citizens can withdraw up to 10,000 dollars (or the equivalent amount in euros) from accounts in foreign currency, provided that these funds were deposited before March 9, 2022. Payment is made only in dollars or euros, even if accounts were opened in other foreign currencies. If the desire is to withdraw an amount exceeding the established limit, the remaining part of the amount will be issued in rubles at the exchange rate on the day of withdrawal. For resident legal entities, the limit of $5,000 (or the equivalent amount in euros, pounds, and Japanese yen) for obtaining currency for business trips is extended. Non-resident legal entities are prohibited from receiving cash in the specified currencies. These restrictions do not apply to issuing cash in other currencies.

20.04.2023 Simplification of cash transactions between Russian and foreign participants in foreign economic activity

Foreign exchange violations

On July 13, 2022, Federal Law No. 235-FZ was published, amending the Code of Administrative Offenses of the Russian Federation. The amount of the fine for violations of currency legislation has been reduced (from 75-100% to 20-40% of the amount of the illegal foreign exchange transaction). Cases have been established in which violations of currency legislation will not result in administrative liability: in the case of illegal transfer of funds to foreign accounts, provided that they are subsequently returned to the authorized bank. In addition, currency residents will not be held administratively liable for non-repatriation or illegal foreign exchange transactions committed from February 23 to December 31, 2022, if they are related to the sanctions imposed against the Russian Federation.

On December 13, 2022, the moratorium on punishments for foreign exchange violations was extended until the end of 2023 (Russian Gazette).


Corporate income tax

On December 20, 2022, Russian companies that have been hit by financial sanctions will be able to sell shares of Russian companies in 2022 without paying corporate income tax, provided that they have owned them for more than one year as of the date of sale. The draft law with amendments to the Tax Code was adopted in the third reading.

Moratorium on bankruptcy

01.04.2022 The resolution of the Government of the Russian Federation No. 497 of March 28, 2022, introducing a moratorium on bankruptcy, has been published..  The specifics and consequences of the bankruptcy moratorium for debtors and creditors..

27.04.2022 Challenge within the bankruptcy case of several transactions of the debtor as one interrelated transaction

19.07.2022 Draft law on out-of-court reorganization – a new way to prevent bankruptcy

02.10.2022 The moratorium has not been extended. Restrictions do not apply from October 2, 2022.

Corporate governance

19.12.2022 Decree No. 519-FZ has been published. Changes:

  • Special regulation, including in the areas of corporate relations, securities, pharmaceuticals, compulsory medical insurance, insurance, public procurement, transport, construction, etc., has been extended.
  • Until the end of 2023, shareholders who collectively own at least five percent of the voting shares of a company have the right to access information and documents and to appeal to the court.
  • In 2023, a decision may be made by the general meeting of shareholders of a joint-stock company to elect members of the board of directors (supervisory board) for a term until the third annual general meeting of shareholders from the time of their election.

17.01.2023 Decree No. 16 has been published. Under certain conditions, the votes of shareholders from unfriendly states may not be counted. “In this case, the decision is made by a majority of votes from the total number of votes belonging to persons who are members of the body… and are not individuals from unfriendly foreign states.” This procedure is in effect until the end of 2023. The conditions under which this is allowed are:

  • the company operates in the field of energy, engineering, and trade;
  • other countries have imposed sanctions against the Russian beneficiary;
  • foreigners from unfriendly countries own no more than 50% of the share;
  • the company’s revenue for the past year exceeds 100 billion rubles.

Restrictions on asset operations and dividend payments

26.10.2022 Presidential Order No. 357-rp was published, which approved a list of Russian credit institutions that are subject to a ban on transactions (operations) with shares, stakes (deposits), and their charter capital. The ban was established by Presidential Order No. 520 of 05.08.2022. To carry out these transactions, a special decision of the President of the Russian Federation is required (clause 5 of the Order).

05.03.2022 Temporary procedure for conducting asset transactions was introduced by Presidential Order No. 95.

14.09.2022 Protocol of the meeting of the subcommission of the Government commission for control over foreign investment in the Russian Federation of 07.09.2022 No. 85 was published (brought by the Ministry of Finance of Russia on 13.09.2022 No. 05-06-10 / VN-46769). The decision was made to allow residents to conduct (execute) transactions (operations) for the disposal of real estate:

  • To foreign legal entities associated with unfriendly states;
  • To legal entities that are under the control of foreign persons associated with unfriendly states, regardless of their place of registration or place of preferential economic activity.

The permission is valid indefinitely.

22.12.2022 Presidential Order No. 942 was published. The government was given the right to issue temporary permits for conducting transactions with assets subject to Russian sanctions.

Preliminary criteria have been published for allowing shareholders and owners from unfriendly states to sell shares (21.12.2022 RBK) and withdraw dividends (23.12.2022 RBK). Requirements for subsidiary structures to obtain permission to pay dividends and approaches of the commission for issuing these permits include:

  • “the size of the profit paid does not exceed 50% of the total net profit of the previous year;
  • a retrospective analysis of dividend payments for past periods is carried out;
  • foreign owners are willing to continue their commercial activities in Russia;
  • federal executive authorities (depending on the industry profile of the subsidiary) have presented criteria for the significance of the company’s activities and an assessment of its impact on Russia’s technological and production sovereignty;
  • specialized agencies have established quarterly key performance indicators (KPIs) for these organizations;
  • there is a possibility of dividend payments on a quarterly basis, subject to the achievement of set KPIs.”

Criteria for deciding on permission for the sale of assets by foreigners “related to unfriendly states” include:

  • “the availability of an independent assessment of the value of assets;
  • the availability of payment deferral for the buyer for one to two years or payment of a voluntary contribution to the federal budget in an amount of at least 10% of the transaction value;
  • sale of the asset with a discount of at least 50% of the value determined during an independent assessment;
  • establishment of key performance indicators (KPIs) for new shareholders (owners).”

This set of requirements has not yet been published as official documents and has no legal force. 30.12.2022 On 30.12.2022, an excerpt from the protocol was published on the website of the Ministry of Finance.

16.02.2023 Dividend payouts, sale of shares in companies and real estate by owners and shareholders from countries recognized as unfriendly.

Securities transactions of public companies, broker work, and stock exchanges

  • 27.02.2023 Tinkoff temporarily suspends trading in foreign securities due to new sanctions against the bank. Trading is planned to resume within one to three weeks.
  • 28.02.2023 Finam limits the minimum amount of USD withdrawal from a brokerage account to $15,000 starting from March 2 due to changes in the minimum transfer amount at the correspondent bank Raiffeisen Bank (TASS).
  • 28.02.2023 Tsifra Broker introduces a minimum USD withdrawal amount of $15,000 starting from March 1 (RBK).

List of countries recognized as unfriendly

05.03.2022 The list of states subject to restrictions under Government Decree No. 430-r.

Reduction of fines and liberalization of administrative liability

01.04.2022 Federal Law No. 70-FZ will enter into force from 06.04.2022.

12.08.2022 Federal Law No. 290-FZ was adopted on 14.07.2022, amending the Code of Administrative Offenses of the Russian Federation. Additional opportunities have been created to reduce fines, pay fines at a discount, obtain a deferral, and replace fines with a warning. More information on these changes is available.

International Trade


01.10.2022 Government Resolution No. 1728 was published. Starting from October 10, restrictions on international cargo transportation by road in Russia will be imposed for vehicles registered in countries that have imposed restrictions on automobile transportation in relation to Russian citizens and legal entities. The ban applies to bilateral, transit, and transportation to/from the territory of third countries. The resolution provides exceptions for the transportation of goods included in a special list, mail, transit under certain conditions, and the import/export of goods in the Kaliningrad region.

Partial Mobilization

21.09.2022 Presidential Decree No. 647 was published. Partial mobilization has been implemented since September 21. Konsu lawyers are monitoring how this will affect labor relations between employees and employers. Employers’ responsibilities and guarantees to employees called up under partial mobilization are being assessed

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