Relaxations in currency control rules for foreign trade contracts

Russian companies engaged in foreign trade activities may now not submit documents on transactions with foreign partners to the bank if the price of such a transaction does not exceed 1 million roubles. Previously, this threshold amounted to 600,000 roubles.

Such changes are stipulated by the Bank of Russia's Instruction Nu. 6663-U from 09.01.2024 (hereinafter - the “Instruction”) and came into force on April 1, 2024.

The obligation of businesses to send to authorized banks shipping, delivery and other documents confirming the movement of goods within the EAEU is also abolished - the Federal Customs Service will exchange such information with banks independently in electronic form.

In addition, it establishes the right of companies to settle foreign trade contracts through any authorized bank, not only through the bank where they are registered.

The Instruction also defines the peculiarities of submitting to the bank documents on transactions with foreign counterparties in cash and the formation of reports on such transactions, and expands the composition of information reflected in the bank control statement - all this is aimed at more effective monitoring and accounting of currency transactions.[1]

[1] Information from the Central Bank of the Russian Federation from March 27, 2024