Media & Resources
Ministry of Finance suggests tightening of currency control
DATE: April 28, 2017 | AUTHOR: atlawyers
In 2016 the agency began drafting a bill criminalizing non-repatriation of funds under loans issued to Russian non-residents. It is proposed to extend regulation to other transactions with non-residents if relevant goods are not exported from Russia. The amount of such transactions in 2015 was $10 bln. According to the Bank of Russia as of 01.06.2015 non-residents failed to promptly repay loans in the aggregate amount of $30.2 bln. A fine for non-delivered items or untimely repayment is ranging from 3/4 to 100% of non-returned amount.