Currency control cancellation: fiction or reality?

Jul 02, 2019

On 18 June 2019 a long awaited draft of amendments to Federal Law No 173 FZ of 10 December 2003 “On Currency Regulation and Currency Control” regarding the liberalisation of Russian currency control (the “Draft was submitted to the Russian State Duma for consideration.

The Draft does away with some of the requirements for individuals and legal entities that currently entail severe penalties if not complied with 75 100 of the amount of a transaction) In particular, lawmakers intend to liberalize the regime of foreign bank account usage by individuals and to cancel repatriation requirements for some cases.

Let us look into the details to find out whether the proposed changes are for the better.

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Yana Zoloeva

Partner, Russia Tax and Legal Leader, PwC Russia

Tel: +7 (495) 967 6000 (ext.5221)

Maxim Kandyba

Partner, Head of Banking & Finance Law Practice PwC Legal, PwC Russia

Tel: + 7 (495) 232 5713

Raisa Aleksakhina

Partner PwC Legal, Head of Dispute Resolution with public authorities, PwC Russia

Tel: +7 (495) 232 5429

Kristina Krsheminskaya

Head of Marketing and Business Development, Tax and Legal Services, PwC Russia

Tel: +7 (495) 967 6046

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