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Explanations of the Central Bank of the Russian Federation Regarding the Presidential Decrees
DATE: September 18, 2022 | AUTHOR: AT
The Bank of Russia issued official explanations №9-ОР. The regulator construed the provisions of the Presidential Decrees №79 and №430. It was officially announced that the general prohibition on crediting foreign currency to foreign accounts by the residents had been lifted.
After entry into force of Decree №430 of July 5,2022, the restrictions established by Decree №79 (subparagraph “b” of paragraph 3) remain only in respect of crediting foreign currency received as dividends distributed by Russian companies.
Please note that the currency control rules established by the Federal Law “On Currency Regulation and Currency Control” remain in force, it is necessary to bear in mind that:
• Currency transactions between residents are prohibited;
• Foreign currency transfers are allowed only between close relatives or persons recognized as special residents ;
• Foreign currency from non-residents may be credited without restrictions to foreign accounts of residents in banks located in foreign countries, which carry out automatic exchange of financial information with Russia, to other accounts – only in cases stipulated by law (for example: wages, insurance payments, refunds, income from sale of precious metals, etc)
We monitor the changes and will keep you informed about course of events.