The Bank of Russia has relaxed the rules of currency control for foreign trade contracts. The relevant changes were made by the instruction of the Central Bank, which come into force on April 1, 2024, the regulator said in a statement.
In accordance with the changes, Russian companies participating in foreign trade activities may now not submit documents to the bank on transactions with foreign partners if the volume of such a transaction does not exceed 1 million rubles. Previously, this threshold was 600 thousand rubles.
The Central Bank cancels the obligation of businesses to send transportation, shipping and other documents to authorized banks that confirm the movement of goods within the EAEU.
The Federal Customs Service will exchange such information with banks independently in electronic form.
In addition, the right of companies to pay for a registered foreign trade contract is secured through any authorized bank, and not only through the one in which they are registered.
The instruction defines the specifics of providing documents to the bank on transactions with foreign counterparties in cash and the formation of reports on such transactions. The composition of information reflected in the statement of banking control has been expanded.
