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CURRENCY CONTROL

Banks exercise, in accordance with the current currency legislation of the Russian Federation, currency control over all types of foreign exchange transactions carried out under foreign trade agreements, credit agreements and loan agreements, as well as over foreign exchange transactions carried out under non-trade transactions.

Currency control documents

In accordance with the currency legislation of the Russian Federation, currency control documents may be submitted by the Client to the Bank or may be prepared by the Bank's employees.
Transaction passport- The transaction passport must contain the information necessary to ensure accounting and reporting on foreign exchange transactions between residents and non-residents. The specified information is reflected in the transaction passport on the basis of supporting documents available to residents (contracts and loan agreements). The transaction passport must be submitted to the Bank no later than the first currency transaction or other fulfillment of obligations under the contract.

Certificate of receipt of the currency of the Russian Federation- The certificate is issued in case of carrying out currency transactions under the contract related to crediting the currency of the Russian Federation received by the Client from a non-resident. The certificate is compiled on the basis of the documents in accordance with which the account entries were made and contains information on the identification of the funds received during the reporting month according to the transaction passports.

Information about foreign exchange transactions - The certificate is a document confirming the completion of a foreign exchange transaction and is submitted to the Bank together with a settlement document - an order to buy or sell currency, an order to transfer - when making settlements in foreign currency.

Information about supporting documents- The certificate must be provided by the resident to the Bank along with copies of documents confirming the import of goods into the customs territory of the Russian Federation or the export of goods from the customs territory of the Russian Federation, the performance of work, the provision of services or the fulfillment of other obligations under a contract or loan agreement. Such supporting documents may be cargo customs declarations, certificates of work performed and other documents provided for by the currency legislation of the Russian Federation.

Banks must provide the following services as part of the exchange control procedures

• Registration of transaction passports for import and export contracts: no later than the next working day after the submission of documents. Urgent registration - during the current business day.
• Re-issuance of transaction passports in accordance with changes in the conditions of a foreign trade contact or a loan agreement.
• Maintaining a dossier on the transaction passport.
• Advising Clients on the procedure for filling out forms of currency control documents (Transaction Passport, Certificate of currency transactions, Certificate of supporting documents, Certificate of receipt of Russian currency)
• Providing recommendations on the optimal schemes and methods of settlements for the Client with foreign counterparties.
• Advising on the compliance of foreign exchange transactions conducted by the Client and submitted projects of foreign economic contracts with the requirements of the current foreign exchange legislation of the Russian Federation.
• Providing Clients with information on the status of settlements under foreign economic contracts.
• Advance notification of Clients about the deadlines for submission of currency control documents (DT, documents confirming the performance of work, services, etc.).
• Advance notification of Clients about the expiration of the terms established by the currency legislation of the Russian Federation for holding foreign currency in transit currency accounts of Clients.
• Informing Clients about the latest changes in the field of currency legislation.
• Organization of trade financing of foreign trade transactions of importers.

Legal framework:

• Federal Law No. 173-FZ dated December 10, 2003 “On Currency Regulation and Currency Control”
• Bank of Russia Instruction No. 117-I, dated June 15, 2004, “On the Procedure for Residents and Non-Residents to Submit Documents and Information to Authorized Banks When Carrying Out Foreign Exchange Transactions, the Procedure for Accounting for Foreign Exchange Transactions by Authorized Banks and Issuing Transaction Passports”
• Bank of Russia Instruction No. 111-I dated March 30, 2004 “On the Mandatory Sale of a Part of Foreign Exchange Earnings in the Domestic Foreign Exchange Market of the Russian Federation”
• Regulation of the Bank of Russia No. 258-P dated 01.06.2004 “On the procedure for residents to submit to authorized banks supporting documents and information related to foreign exchange transactions with non-residents under foreign trade transactions, and for authorized banks to exercise control over foreign exchange transactions”