Each enterprise carries out various non-cash payments when conducting business. When concluding foreign trade transactions, a ruble account alone is often not enough. This is due to the nature of settlements for import-export transactions, which are often carried out not in Russian currency, but in foreign currency. The solution is to open a foreign currency account, mainly in euros or American dollars.

The purpose of such a bank account is to accumulate funds in foreign currency with their subsequent disposal. All legal entities have the right to open accounts in foreign currency, regardless of the legal form of ownership and industry sector. In accordance with the requirements of the legislation of the Russian Federation, an authorized bank must have a valid license. The types of accounts are listed in clause 2.1 of the Central Bank Instruction No. 153-I dated May 30, 2014. Based on the list, there are practically no restrictions.

Features of currency accounts

Working with foreign currency accounts is a slightly more complex process than managing a ruble account. A bank account in national (Russian) currency is an account for the cash flow of homogeneous financial assets. The foreign exchange account includes a transit part (for crediting currency from non-residents), a current part (to account for the balance of currency after the conversion procedure), and a special transit part (for foreign currency purchased on the domestic market).

Consequently, through a valid foreign currency account it is possible to carry out two main types of non-cash transactions. The first is related to the client's current transactions; the second – with the movement of capital. When carrying out currency transactions, companies must take into account the requirements of Law No. 173-FZ of December 10, 2003.

Procedure for opening and maintaining a foreign currency account

How are foreign currency accounts opened and maintained? Initially, you should decide on the most suitable bank. To do this, check whether the financial institution has a valid license, and also check what types of currencies the bank works with. Then evaluate the quality of customer service and the level of settlement services for non-cash foreign exchange transactions.

In accordance with stat. 14 of Law No. 173-FZ, resident companies have the right to open foreign currency accounts in any, but only authorized, banks; without restrictions on the number and territory of location of a ruble account. At the initial stage, you will need to prepare a package of documentation. The general list is listed in clause 4.1 of Central Bank Instruction No. 153-I dated May 30, 2014. In individual banks, the list may be supplemented, so to clarify the information, it is better to consult in advance with the manager of the selected credit structure.

Required documents for opening a foreign currency account by a legal entity:

• Constituent documents for the company - as a rule, standard charters (regulations), decisions, etc. are provided.
• Registration documents for a company - standard tax certificates of registration, registration, etc. Additionally, the latest extract from the Unified Register may be requested.
• Permits (submitted only if necessary to confirm the right to conduct currency transactions).
• A document confirming the powers of the management person (executive body) of the enterprise.
• A card with certified sample signatures of those company officials who will be entrusted with managing the account. Not required if the legal entity is already a client of the same bank.
• Application according to the bank sample.
• Original documents confirming the identity of officials authorized to manage the currency account.
• Other documents as required by the bank.

No later than the next business day after submitting documents, an account in foreign currency is opened. The account has 20 characters and is ready for use after linking to the company. Numbers 3 to 6 indicate the type of foreign currency according to OKV.

Note! If a company opens a foreign currency account with its servicing bank, the procedure is shortened and the list of documents is reduced to a minimum, consisting of an application and an agreement. After all, the client’s personal file already contains all the forms necessary to identify a legal entity.

Opening a foreign currency account for individual entrepreneurs

The list of documents required for opening a foreign currency account by an entrepreneur is much shorter than those provided by a legal entity. In accordance with clause 3.1 of Instruction No. 153-I, a citizen must submit the following forms to the authorized bank:

• Proof of identity – usually a passport.
• Tax certificate of registration with the Federal Tax Service.
• A document confirming the authority of an individual is submitted for the lawful disposal of currency funds.
• Card of sample(s) of signatures. If the entrepreneur is already a bank client, this is not required.
• Agreement with a banking institution.

Accounting for non-cash transactions in foreign currency

An account is intended to reflect non-cash transactions in foreign currency in the company's accounting records. 52 (Order of the Ministry of Finance No. 94n dated October 31, 2000). This is an active account - with an increase (receipts of funds) on the debit side, a decrease (writing off finances) on the credit side. The primary documents that serve as the basis for making entries on the movement of funds are bank statements, payment receipts, orders and other applications. Analytics is organized for each account opened by the enterprise separately.

If you find an error, please highlight a piece of text and click Ctrl+Enter.

Transactions on foreign currency accounts are reflected in accounting on the basis of statements from the credit institution and monetary settlement documents attached to them.

Opening a foreign currency account in a Russian bank

To open a foreign currency account in a Russian bank, as a rule, you need to submit to the bank the same documents that are needed to open a current account and a certificate from the bank in which the current account is opened.

Opening a foreign currency account involves opening other accounts to record transactions with foreign currency.

As a rule, it assumes that the bank will establish:

• current currency account – for accounting for foreign currency that is at the disposal of your company;
• transit currency account - for crediting received foreign currency earnings and other payments in foreign currency;
• special bank foreign currency account - for crediting foreign currency that the bank buys on your order.

From May 2, 2014, companies must not inform the tax office about the opening or closing of a foreign currency account (Article 23 of the Tax Code of the Russian Federation as amended by Law No. 52-FZ of April 2, 2014).

Opening a foreign currency account outside Russia

Residents of the Russian Federation open without restrictions accounts (deposits) in foreign currency and the currency of the Russian Federation in banks located outside the territory of the Russian Federation (Clause 1, Article 12 of the Law of December 10, 2003 No. 173-FZ “On Currency Regulation and Currency Control” ).

Exceptions are provided for by Law No. 79-FZ of May 7, 2013 “On the prohibition of certain categories of persons from opening and having accounts (deposits), storing cash and valuables in foreign banks located outside the territory of the Russian Federation, owning and (or) using foreign financial instruments." These are persons holding a number of government positions and their spouses and minor children.

The tax inspectorate must be notified of the opening (closing) of bank accounts outside the Russian Federation or changes in the details of foreign currency accounts. This must be done within a month according to the approved form (clause 2 of article 12 of Law No. 173-FZ). The format of the notification in electronic form was approved by Order of the Federal Tax Service of Russia dated November 14, 2013 No. ММВ-7-14/502@, the form of notification on paper was approved by Order of the Federal Tax Service of Russia dated September 21, 2010 No. ММВ-7-6/457@.

For being late or submitting a notification in an unspecified form, a fine for the organization is provided in the amount of 50,000 to 100,000 rubles, for failure to submit a notification - in the amount of 800,000 to 1,000,000 rubles. For the same violations, fines are provided for officials in the amount of 5,000 to 10,000 rubles and from 40,000 to 50,000 rubles, respectively (clause 2, 2.1 of article 15.25 of the Code of Administrative Offenses of the Russian Federation).

To open a foreign currency account outside Russia, you should familiarize yourself with the requirements of the bank of the country in which you want to open an account.

You can easily open an account in a country that is a member of the Organization for Economic Co-operation and Development (OECD) or the Financial Action Task Force (FATF). In other cases, you will first have to register the fact of opening an account with your tax office.

Include the fee for opening a foreign currency account as part of other expenses:

DEBIT 91-2   CREDIT 51
– paid for the bank’s services for opening a foreign currency account.

How to organize accounting for account 52

To correctly account for foreign currency transactions in account 52, you can open subaccounts:

• 52-1 “Currency accounts within the country”;
• 52-2 “Currency accounts abroad.”

For subaccount 52-1, open subaccounts of the second order (based on the foreign currency accounts that the bank opened for you):

• 52-1-1 “Current foreign currency account”;
• 52-1-2 “Transit currency account”;
• 52-1-3 “Special bank account”.

You can open accounts in various currencies (US dollars, euros, etc.). Consider transactions for each type of currency separately.

Purchasing foreign currency

The procedure for recording transactions related to the purchase of currency depends on the purposes for which it is purchased.

Currency can be purchased:

• to pay for an import contract;
• for other purposes (payment of travel expenses, payment of wages to employees of a foreign mission, etc.).

The purchase and sale of foreign currency is carried out only through banks, and not all banks can buy and sell currency, only those that have permission to do so.

Selling foreign currency

Foreign currency can only be sold through authorized banks (Part 1, Article 11 of Federal Law No. 173-FZ of December 10, 2003).

Authorized banks are considered to be banks or banking institutions that are vested with certain powers to carry out certain banking transactions.

Previously, part of the proceeds received in foreign currency had to be sold without fail.

Now the requirement for the mandatory sale of part of foreign currency earnings has been canceled, so the company can sell it only on a voluntary basis.

Write off the amount of currency funds allocated for sale using the following entry:

DEBIT 57   CREDIT 52-1-1 (52-1-2)
– currency funds are sent for sale.

Funds received from the sale of currency are credited to the current account. For the amount of these funds, make the following entry:

DEBIT 51   CREDIT 91-1
– funds from the sale of currency are credited to the current account.

Record the write-off of the sold currency with the following entry:

DEBIT 91-2   CREDIT 57
– the sold currency is written off.

Record all expenses associated with the sale of currency (for example, remuneration paid to the bank):

DEBIT 91-2   CREDIT 51 (52, 57)
– expenses for the sale of currency are reflected.

At the end of the month, reflect the financial result (profit or loss) from the sale of currency. As a rule, it arises due to the fact that the rate at which the bank sells the currency differs from its official rate. To do this, make an entry in your account:

DEBIT 91-9   CREDIT 99
– profit from the sale of currency is reflected

DEBIT 99   CREDIT 91-9
– loss from the sale of currency is reflected.

The loss from the sale of currency reduces the taxable profit of the organization (clause 6, clause 1, article 265 of the Tax Code of the Russian Federation).

Unsold foreign currency earnings are subject to crediting to the current foreign currency account.

In order to conduct foreign trade transactions, Russian legal entities often require an account in the currency of another state (most often in US dollars or euros). This is due to the fact that the Russian currency is not used as a means of payment by all subjects of foreign trade relations. Opening a foreign currency account by a legal entity in banks in the Russian Federation, as a rule, is not a problem for both domestic and foreign entities.

Procedure for opening and maintaining a foreign currency account

Legal entities from other countries have the right to open foreign currency accounts in authorized banks in our country that have the appropriate license, without any restrictions.

As for foreign currency accounts of Russian legal entities, the latter have the right to:

• firstly, open such accounts in authorized banks;
• secondly, open such accounts in banks of other countries.

In addition to this message, a Russian organization that has opened an account abroad is required to report to the tax office every quarter on the movement of funds in the account, attaching documents confirming such movement (statements or other documents).

Violation of the deadline for submitting such a report will entail a fine in accordance with parts 6.1 - 6.3 of Art. 15.25 of the Code of Administrative Offenses of the Russian Federation, depending on the period of delay from 5 to 50 thousand rubles.

Entrepreneurs do not enjoy any benefits in the performance of these duties in comparison with legal entities. The opening of a foreign currency account for an individual entrepreneur must also be accompanied by a message with information about opening an account in a bank of another state to the tax office. In addition, entrepreneurs, along with legal entities, must report to the tax office every quarter on the movement of funds in the account.

The liability of entrepreneurs is not as severe as that of legal entities.

For violating the deadline for fulfilling the obligation to notify about opening an account, an entrepreneur may be subject to a fine of 5 to 10 thousand rubles. For failure to provide this information, the fine ranges from 40 to 50 thousand. Failure to comply with the deadline for submitting a quarterly report will result in a fine of 500 to 5 thousand rubles.

Russian legislation makes it possible for any business entity to carry out export-import operations and enter into agreements with foreign counterparties. Since monetary transactions with foreign companies are prohibited in Russian rubles, there is a need to create a bank account in the appropriate currency.

Currency account - what is it?

Foreign currency intended for further circulation is placed in a special bank account, which is called a foreign exchange account. Any operations with it, as well as the opening itself, are strictly regulated by the Regulations of the Central Bank of the Russian Federation and the legislation of the country. The ban on conducting foreign exchange transactions stems from the lack of an appropriate license issued by the Central Bank.

Why do you need a foreign currency account?

An entity that has opened a foreign currency account with a bank has access to two main types of transactions carried out in foreign currency: current transactions and transactions related to capital movements.

Current financial actions include the following:

• financial charges for the export or import of goods;
• obtaining a loan for a period not exceeding 6 months;
• accrual of income from capital used - interest, dividends and other things;
• any other monetary accruals: pension, wages, fees.

Transactions on foreign currency accounts associated with capital movements:

• investments in securities or authorized capital of foreign companies;
• acquisition of real estate in other countries, provided that this operation is permitted by law;
• issuing a loan product for a period exceeding six months;
• deferment of payments for transactions related to export and import;
• any other currency transactions.

Currency in a foreign exchange account that is not used for a certain period of time is subject to interest accrued by the bank. Such payments represent a financial reward to clients for the fact that their funds are in circulation.

Opening a foreign currency account by a legal entity

A foreign currency bank account is opened according to certain rules. First of all, you need to collect a package of documents. Requirements for securities may vary depending on the chosen bank, so you need to contact the managers of the credit institution in advance to obtain the necessary information.

Basically, in order to open a foreign currency account, the following documents are required:

1. A statement drawn up according to a standard template.
2. Agreement for opening a bank foreign currency account.
3. Certificate of state registration.
4. Constituent documents if a foreign currency current account is opened by an organization.
5. Certificate of registration with the Federal Tax Service.
6. Extract from the state register.
7. A card containing samples of signatures and seals of those representatives of companies who will have access to account management.
8. Original documents of authorized persons.

The list of documents is reduced significantly if an entrepreneur opens a foreign currency account in a banking institution in which he is already serviced and has a current ruble account. In such a situation, managers of a credit institution only require concluding an agreement and filling out an application to open the required account.

According to the current legislation of the Russian Federation, a client who has passed a bank audit and opened a current foreign currency account is obliged to report this to the tax service within a week. Failure to comply with this clause is punishable by fines in the amount of 5 thousand rubles.

Types of currency accounts

A transit currency account is opened by banks for the purpose of maintaining records on foreign currency accounts. The client, in fact, simultaneously receives two invoices:

1. Transit. All foreign exchange earnings are initially credited to it. The funds are stored there until the client provides the documents necessary to pass control.
2. Current currency account. Once all the necessary documents have been confirmed, funds are credited to it. The currency held in such an account can be used by the client at his discretion: he can simply keep the money or transfer it to foreign agents. In addition, it is possible to transfer money into rubles according to the current exchange rate accepted by the bank.

If necessary, residents can open a special transit account. It is created for the purpose of accounting for purchases made by the client and for the sale of currency in domestic financial markets.

How is currency control carried out?

Foreign currency accounts opened in banks are subject to foreign exchange control. The client will receive a corresponding notification from the banking organization after funds have been credited to the transit account. The bank must receive documents within the next 15 days from the date of accrual of funds to confirm the transaction. Such documents include a transaction passport, an agreement or a certificate of currency transactions, especially if the amount received into the account exceeds 50 thousand US dollars. In addition to the passport, other documents are also provided - invoices, acts, documents for import/export of goods or any other supporting papers.

Today, many banks prepare some documents and certificates instead of the client, making the service more comfortable and faster. You can use such a service only if the necessary changes have been made to the contract and a full package of documents has been provided.

The bank may require written confirmation from the company even if funds are transferred to the supplier’s account.

Documents for currency control

The tax service, like a credit institution, most often requests the following documents to carry out currency control:

1. Identity document.
2. Certificate of registration of a legal entity or entrepreneur.
3. Certificate of tax registration of a person.
4. Passport of the completed transaction.
5. Declarations for customs.
6. Signed contract.
7. Bank account statements confirming financial transactions.
8. A document confirming that the client has an open bank account abroad.

Foreign currency accounts of individuals

Individuals can open foreign currency accounts intended for carrying out foreign currency transactions in favor of private individuals: accrual of fees, alimony, wages, inheritance and other income. Current legislation allows both a foreigner and a resident of the Russian Federation to open such an account.

How to open a foreign currency account for an individual?

To open a foreign currency account, an individual must provide the bank with a package of documents (military ID, passport of a citizen of the Russian Federation, international passport) and sign an agreement for the provision of services, opening and maintaining an account. To open such an account, you must deposit a certain amount. In foreign currency, of course.

An individual can open any foreign currency account. Which account will be opened depends on the wishes of the bank client and the currency with which the banking organization works. Business entities open them mainly in euros and dollars. Both currencies are considered universal and are used more often than others in international transactions.

If an individual or legal entity is already a client of the bank, there is no fee for opening a foreign currency account. If it is the counterparty’s first contact with the bank, then concluding an agreement will cost an average of 1,000 rubles. Internet banking services and subsequent account servicing are provided by most banks free of charge.

Types of accounts for individuals

The following types of foreign currency accounts are available for opening for individuals who are residents of the Russian Federation:

1. Current. All the resident’s funds are stored on it. An individual can use them for any purpose, except for those prohibited by law. There are two types of this account: from the first you can freely make money transfers to other countries, while on the second the bank imposes some restrictions.
2. Deposit. It stores personal savings in foreign currency in the form of savings deposits. Deposit accounts include bills of exchange, certificates and any other securities. As practice shows, they are the most popular among the population because they allow you to invest money.

Currency risks

The opening and further use of foreign currency accounts is always accompanied by certain risks. The most important are changes in interest rates and exchange rate fluctuations. Almost all participants in foreign exchange transactions are subject to such risks.

Currency risks threaten not only individuals and legal entities who have opened accounts, but also the bank itself. In the latter case, the credit institution risks due to fluctuations in the value of income from foreign exchange transactions carried out by clients. In order to protect themselves from possible risks, banking institutions often carry out additional write-offs of funds after transactions. In the ranks of financiers, such manipulations are called revaluation of foreign currency accounts.

Score 52

In accounting, account 52 “Currency accounts” is used to designate foreign currency accounts and control the movement of funds on them. Such documents are used mainly for repaying loans and conducting transactions with foreign counterparties. Funds are cashed only if you plan to pay for business trips abroad. Currency accounts can also be used to conduct transactions with residents of other states.

The financial statements record all transactions carried out on a foreign currency account.

Currency residents can be called a circle of people who, during the course of a year, have visited the territory of the Russian Federation at least once after a long stay abroad. The latter include:

• citizens of the Russian Federation;
• persons who have a residence permit in Russia, as well as citizens of another country or persons without citizenship;
• legal entities organized in accordance with the laws of the Russian Federation;
• separate divisions of the above legal entities that are located in other countries;
• embassy, ​​consulates, as well as other representative bodies of the Russian Federation located in foreign countries.

Features and rights of currency residents

Foreign exchange residents have the right to make deposits in foreign currency into their bank accounts. If a resident is involved in the securities market and is a participant in it, the latter can open a special account - a brokerage account.

A resident individual has the right to transfer funds during transactions involving foreign currency by bank transfer through Russian banking institutions. The following cases are exceptions:

• donating valuables in foreign currencies to close relatives;
• receiving an inheritance in the form of foreign currency or by transferring them through a will;
• receipt and transfer through Russian banking institutions of a sum of money limited by law;
• foreign currency exchange through Russian banks;
• payment of fees for the purchase of duty-free goods, as well as international transportation;
• transfer and receipt through a non-resident of a limited amount of funds in foreign currency equivalent to Russian territory.

Separately, it is worth highlighting the rights of resident legal entities who are allowed to:

• receiving and transferring foreign currency from their bank deposits in the manner prescribed by law;
• the same actions related to the transfer of currency from banks located in another country;
• carrying out mutual settlements with non-resident individuals of the Russian Federation in cash for the provision of services related to transportation on the territory of the Russian Federation, as well as as a result of transactions involving retail trade.

Who are foreign currency non-residents?

The legislation of the Russian Federation characterizes a foreign exchange non-resident with the following characteristics:

• Russian citizens who have been permanently residing outside the Russian Federation for more than a year, including on the basis of a residence permit issued by foreign countries;
• citizens of the Russian Federation who stay in the territory of another country for more than 365 days and have a work or study visa valid for at least 1 year;
• institutions that are not legal entities and organized according to the laws of other countries;
• international organizations, including their branches in the Russian Federation;
• other persons whom Russian legislation does not classify as residents.

Important! It is customary for regulatory authorities to consider foreign currency non-residents to be persons who have been in another country for more than a year and then, having visited Russia, automatically become residents.

Features and rights of currency non-residents

A foreign currency non-resident is considered to be a person who has not been in the territory of the Russian Federation for 365 consecutive days. These persons have the following rights:

• open accounts in Russian banks, both in the currencies of other countries and in the national currency of Russia;
• make transfers to banking institutions of the Russian Federation from your foreign accounts, both in foreign currency and in Russian rubles;
• make transfers of funds from foreign bank accounts to banks of the Russian Federation.

What is exchange control?

Due to the fact that currency transactions carry a fairly comprehensive set of instructions and rules, they are subject to careful control by the relevant authorities.

The following bodies of the Russian Federation are vested with the authority to exercise control over the legality of currency transactions:

• Central Bank of the Russian Federation;
• Federal executive authorities of the Russian Federation authorized to exercise this control;
• Exchange control agents. In turn, the latter can act as Russian banks specially authorized to carry out regulatory activities, or as professional participants in the securities market;
• Corporation of state significance "Bank for Development and Foreign Economic Affairs".

These bodies carry out the following activities aimed at compliance with the norms of the current currency legislation of the Russian Federation:

• carrying out a legal assessment of the activities of credit and non-credit organizations;
• exercising supervision over the legality of the activities of residents and non-residents as part of the latter’s foreign exchange transactions;
• coordination activities and ensuring interaction between subordinate executive authorities that exercise control over the implementation of currency legislation;
• monitoring, analysis and transfer of necessary information to higher federal authorities.

Within the framework of the legislation, the above bodies have the right to carry out the following actions:

• carry out checks on the legality of the actions of residents and non-residents in terms of compliance with currency legislation, as well as the completeness of the accounting data provided by the latter;
• request documents related to the implementation of currency transactions, as well as statements regarding the opening and maintenance of bank deposits;
• issue orders that reflect the essence of the identified violations and the requirements for their elimination;
• apply measures, in particular, bringing to justice persons who committed violations identified during the inspection to the extent required by law.

Transactions between residents

Russian legislation provides for a number of transactions that currency residents can carry out among themselves. Namely the operations:

• carried out with duty-free retail outlets, as well as related to trading activities with passengers of vehicles during the last international flights;
• related to the conclusion and execution of agreements concluded with non-residents on the transfer of goods and information, including on intellectual property rights, and the performance of work between commission agents and principals;
• regarding the conclusion and execution of contracts for transport expedition, transportation and freight services related to the import and export of cargo from Russia;
• related to external securities (these documents must have rights in depositories);
• which include payment of travel allowances, as well as reimbursement of advance payments that were not spent during a business trip outside the Russian Federation;
• related to the execution of the budgets of the Russian Federation, in terms of transfers and settlements of currencies of other countries;
• regarding mutual transfers of funds by resident individuals in the currency of a foreign state from the Russian Federation, provided that the amount of the specified transaction does not exceed five thousand US dollars in one transaction day through one bank;
• related to the mutual transfer of foreign currency by resident individuals to the territory of Russia through foreign banks;
• related to the payment of expenses during trips outside Russia to persons whose work involves traveling or is carried out during a certain route;


• which are related to monetary settlements between companies engaged in transport transportation and their clients - individuals located outside the Russian Federation;
• related to money transfers of foreign currency between resident individuals who are related to each other;
• involving settlements and other actions with the currency of a foreign state related to the remuneration of employees of diplomatic and consular institutions of the Russian Federation, international companies and its branches, as well as other representative offices, executive bodies of the Russian Federation located in other countries;
• related to clearing settlements;
• involving payment of labor to resident individuals carrying out their labor activities on the basis of an employment contract with an enterprise located on the territory of a foreign state.

Transactions between residents and non-residents

Russian laws are quite loyal to currency transactions carried out between residents and non-residents, and practically do not limit them. The only exception is transactions, the implementation of which may entail a decrease in the foreign exchange reserves of the Russian Federation.

Until 2007, there were significantly more restrictions on this issue, but today all prohibitions are limited to Art. 11 of the Law.

The article stipulates that the purchase or sale of foreign currency, as well as checks, can only be made through specially authorized banking institutions of the Russian Federation.

In addition, the Central Bank of the Russian Federation has established a fairly large number of requirements for credit institutions when conducting operations related to the purchase or sale of foreign currencies and checks.

Important! It is not allowed to identify individuals when they purchase or sell foreign currency or checks with a foreign denomination. This procedure is possible only at the personal request of the specified individual.

Transactions between non-residents

Current legislation allows non-residents to carry out the following transactions among themselves:

• transfers of funds in foreign and Russian currencies from Russian banks to banking institutions located in the territory of other states;
• currency transfers passing through foreign banks to banks located in Russia. Operations related to Russian currency are carried out according to the same principle;
• transfers of currencies from other countries and the Russian Federation on the territory of Russia, without opening a bank account. Non-residents can both send and receive these money transfers;
• related to the sale of securities in Russia, only if the transaction complies with the norms of Russian antimonopoly legislation.

What is repatriation and its features?

In a broad sense, repatriation can be understood as a set of government regulation measures aimed at minimizing the outflow of financial resources from the country and provides two options:

• Residents who are participants in transactions of an international nature, when carrying out export activities, must ensure and control the receipt in their accounts of funds paid by foreign partners for these transactions. Profit from international contracts can be in both Russian and foreign currency.
• Residents who are participants in international contracts, when carrying out import activities, must verify the compliance of the funds contributed for the goods received with its value. If payment for goods exceeds the actual cost of the product, the excess amount will need to be returned to the Russian budget.

In what cases are foreign exchange transactions between residents prohibited?

Current Russian legislation generally prohibits residents from conducting transactions with foreign currency. This position is regulated by Article 9 of the Law. The only opportunity to perform any actions related to foreign currency is a set of exceptions established by the same article of the law.

Are there any restrictions on transactions between residents and banks?

The norms of the current legislation of the Russian Federation do not provide for restrictions that relate to the interaction of banking institutions and currency residents, with the exception of certain cases, such as:

• relationships related to bank loans;
• operations related to depositing or withdrawing money in banking institutions;
• purchasing bills of exchange from the bank, as well as receiving payments on them;
• purchase or sale of foreign currencies and checks with foreign denominations;
• payment of bank commission;
• obtaining guarantees from a banking institution.

Residents are not limited to the type of currency with which they pay using accounts previously opened with banking institutions. The law also provides for the possibility of conversion operations according to the rate previously agreed with the bank.

Is a foreign currency loan possible between residents?

When concluding a foreign currency loan transaction, one party undertakes to provide the other party with an agreed amount of funds in the currency of another state, subject to the return of the specified amount within a fixed period. These loans can be provided either “at interest” or free of charge.

The law prohibits the provision of foreign currency loans to residents of the Russian Federation. But there are still exceptions. For example, a currency resident can only obtain a specified loan if it is issued by the relevant financial institution in the form of a loan through the necessary agreement. Thus, a loan taken from a banking institution will not contradict the law.

Conclusion

Russian legislation has taken a rather scrupulous approach to the issue of regulating relationships related to currency transactions. But at the same time, with due observance of all specified norms and rules, residents and non-residents do not have to fear for the safety and legality of their actions with foreign currency.

From this video you will learn how a non-resident can become a tax resident of the Russian Federation:

migrant-gid.ru

Rules for residents

After crediting the currency to the transit account, the resident is obliged to provide documents to the bank no later than 15 working days.

List of documents:

• Passport, other identification document;
• Certificate of registration of individual entrepreneur, legal entity;
• Confirmation of registration with the tax office;
• Regarding real estate, this may be a purchase and sale agreement, or another document confirming the rights to it;
• Confirmation of opening an account outside the territory of the Russian Federation;
• Basis for conducting a currency transaction: contract, agreement, invoices, etc.;
• Documents issued by the bank (receipts, statements);
• Customs documents;
• Transaction passport – a set of information about the parties to a currency transaction, indicating the specific type of currency, transaction amount, interest rate (for a loan), and payment schedule. A transaction passport is a comprehensive document consisting of all other documents, presenting information in a compressed form;
• Documents on relationship (marriage certificate, birth certificate, etc.);
• Residence permit of a foreign state (for citizens of the Russian Federation);
• Factoring agreement, if any;
• Confirmation of the currency transaction (receipt, statement).

For non-residents:

The above, plus:

• Confirmation of the possibility of carrying out currency transactions, if such a requirement exists in a foreign country.

When conducting foreign exchange transactions, the transaction type code is of great importance. The list of codes is contained in Appendix 1 to the instructions.

Money can be withdrawn from the transit account both after the provision of the necessary documents and before. Funds can be issued before the above documents are provided by providing the bank with information about the transaction type code.

To issue foreign currency funds, the resident submits to the bank an order for this and the documents listed above.

When a resident does not have to submit documents

1. When providing currency with the consent of the resident;
2. When interacting with the bank that opened the account;
3. When moving currency between resident accounts;
4. Withdrawal of funds for payment of pensions and social benefits to non-residents;
5. When using a foreign currency payment card;
6. Letter of Credit;
7. When working with an amount of no more than 200 thousand rubles. (equivalent) if the resident provides information about the code.

Deadlines for providing information (code information, documents on currency transactions) for conducting a currency transaction

1. Crediting foreign currency to a transit account - all information is provided at the same time;
2. Transfer of Russian rubles – 15 working days after the transaction;
3. Withdrawal of foreign currency from a foreign currency account – simultaneously;
4. Withdrawal of Russian rubles from a ruble account – simultaneously.

Rules for non-residents

Situation: a non-resident opened an account in Russian rubles in a Russian bank. In order to withdraw this money, a non-resident must provide information about the code to the bank.

Should not provide this information if:

1. When collecting under the legislation of the Russian Federation;
2. Debits;
3. Interaction with the bank that opened the account;
4. Transfer between non-resident accounts;
5. Using a payment card.

A resident, regardless of which party he will be in the agreement (importer/exporter), must register the agreement with an authorized bank. In this case, the resident is obliged to conduct all currency transactions through this bank.

Exceptions to this rule:

• The account is opened in a branch of an authorized bank - currency transactions can also be carried out through the head office of this bank;
• The account is opened at the head office - transactions can be carried out at the branch;

The exporter provides the bank with information about the contract or the contract itself.

The importer and the resident party to the loan agreement are required to submit the agreement itself to the bank.

Deadlines for submitting documents under such agreements:

1. When transferring any currency to a non-resident’s account - before issuing an order to the bank;
2. When transferring any currency to a resident’s account from a non-resident - no later than 15 business days after the transfer of funds;
3. When transferring any currency to a resident’s account from a non-resident, the account is opened in a non-resident bank - no later than 30 business days after the month of transfer of funds (if the funds were transferred, for example, on November 15, then the 30-day period will begin from December 1);

The loan agreement does not specify the exact amount:

1. Transfer of funds from residents to a non-resident, or vice versa (non-resident-resident) no later than 15 working days after the month of transfer of funds (if the funds were transferred, for example, on November 15, then the 15-day period will begin from December 1) for:
   1. Import and loan agreement, the amount must be equal to or greater than 3 million rubles;
   2. Export agreement, the amount must be equal to or greater than 6 million;
2. Execution of the contract - import/export of products, when customs declaration is required - no later than the transfer of customs declarations;
3. Execution of the contract - import/export of products when there is no need for customs declaration - no later than 15 working days after the month of transfer of funds (if funds were transferred, for example, on November 15, then the 15-day period will begin from December 1);
4. Execution of the contract - services, work, intellectual activity - no later than 15 working days after the month of transfer of funds (if funds were transferred, for example, on November 15, then the 15-day period will begin from December 1);
5. Fulfillment of obligations occurs in other ways (not those indicated above) - no later than 15 working days after the month of transfer of funds (if funds were transferred, for example, on November 15, then the 15-day period will begin from December 1).

Reasons for deregistration of a contract:

1. Transfer to service from another bank, including when moving to another branch or head office;
2. Closing an account;
3. Obligations have been fulfilled in full;
4. One of the parties took advantage of the assignment of the right of claim;
5. Obligations are terminated/fulfilled for other reasons;
6. The contract is registered due to an error.

The application for deregistration must contain:

1. Contract number;
2. One of the reasons for deregistration with reference to a specific point in the instructions;
3. Information about the person in whose name the claim is assigned;
4. Confirmation of assignment of claim;
5. Confirmation of loan execution.

One application can deregister several contracts.

The subject submits an application for amendments to the agreement to the bank in which the agreement is registered.

An application to change information must contain:

1. Contract number;
2. The document that is the reason for the changes (for example, an additional agreement);
3. The date of approval of the amending documents is indicated.

The above documents are submitted to the bank after their final approval no later than 15 working days.

Interaction with the bank is based on a mutual agreement between the bank and the subject (resident/non-resident).

Documents provided to the bank must be original or a certified copy.

Documents can be submitted both electronically and on paper (this is agreed with the bank).

Individuals and individual entrepreneurs, or their representatives, sign the documents themselves and affix a stamp.

For legal entities, the signature and seal is affixed by a person authorized by the legal entity, and must provide the bank with the relevant documents (appointment order, minutes of the decision of the general meeting of participants, etc.).

If documents are sent to the bank electronically, they must be signed with an electronic signature. To obtain an electronic signature, you must contact the EDS (Unified Electronic Signature Portal)

The date of receipt of documents at the bank is the date of their provision.

Rights:

1. They can familiarize themselves with documents and inspection results;
2. Can appeal actions/inactions of authorized bodies;
3. They can compensate the state for damages due to unlawful actions of authorized persons and controllers.

Responsibilities:

1. Subjects are obliged to provide access to documents necessary for inspections;
2. Save documents on currency transactions for 3 years, keep records and reports. According to the information mentioned above, you saw that all documents must be provided to the bank, including receipts and payment slips. Be careful not to ignore these rules, otherwise you may become a lawbreaker;
3. Entities must comply with the requirements of authorized bodies and controllers regarding identified offenses;
4. The resident must ensure the flow of funds through the accounts and ensure the execution of transaction passports.

Repatriation is the process of returning an asset, an item of symbolic value, voluntarily or forcibly, to its owner or place of origin or citizenship. The term can refer to non-human entities, such as the conversion of foreign currency into the currency of one's own country, as well as the process of returning military personnel to their place of origin after war. This also applies to diplomatic envoys, international officials, and emigrants and migrants in times of international crisis.

Currency repatriation occurs when foreign currency is returned back to the currency of the country of origin. Repatriation also refers to the payment of dividends by a foreign company to a Russian company. Foreign direct investment is not subject to tax until the dividends are paid to the controlling parent company and are thus repatriated. Foreign direct investment income is taxed only by the country in which it is included prior to repatriation. There are currently hundreds of billions of foreign direct investment due to reluctance to repatriate these earnings.

Residents are obliged to provide in relation to non-residents:

1. Possibility of transferring funds from a non-resident to a resident;
2. Possibility of reversion (return) of funds due to non-fulfillment of the contract;

Documents provided to the bank by the resident:

1. Information about the period of receiving funds from a non-resident;
2. Information about the period of execution of the contract by the non-resident;

A resident may not use bank accounts in the following cases:

1. If the agreement is concluded for a period of more than 2 years with non-residents of OECD or FATF member states;
2. When a non-resident pays a resident’s expenses related to the construction or creation of an object on the territory of a foreign state (expenses in a foreign state);
3. When holding cultural events;
4. When the requirements for individual categories of activity are offset
5. For transport companies.

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Currency operations — This is a special type of financial transactions consisting of purchase, sale and other transactions with currency values, Russian currency and domestic securities, carried out on behalf of residents and non-residents or on the initiative of the bank itself.

Foreign exchange operations are designed to facilitate the movement of loan capital and serve global trade.

TO main types of foreign exchange transactions relate:

acquisition by a resident from a resident and alienation by a resident in favor of a resident of currency values ​​on a legal basis, as well as the use of currency values ​​as a means of payment;

acquisition by a resident from a non-resident or by a non-resident from a resident and the alienation by a resident in favor of a non-resident or by a non-resident in favor of a resident of currency valuables, the currency of the Russian Federation and domestic securities on a legal basis, as well as the use of currency valuables, the currency of the Russian Federation and domestic securities as a means of payment ;

the acquisition by a non-resident from a non-resident and the alienation by a non-resident in favor of a non-resident of currency values, the currency of the Russian Federation and domestic securities on a legal basis, as well as the use of currency values, the currency of the Russian Federation and domestic securities as a means of payment;

import into the Russian Federation and export from the Russian Federation of currency values, currency of the Russian Federation and domestic securities;

transfer of foreign currency, currency of the Russian Federation, domestic and foreign securities from an account opened outside the territory of the Russian Federation to the account of the same person opened on the territory of the Russian Federation, and from an account opened on the territory of the Russian Federation to the account of the same person , opened outside the territory of the Russian Federation;

transfer by a non-resident of the currency of the Russian Federation, domestic and foreign securities from an account (from a section of an account) opened on the territory of the Russian Federation to an account (section of an account) of the same person opened on the territory of the Russian Federation.

Currency transactions between resids ents prohibited, with the exception of operations:

related to settlements in duty-free shops, as well as settlements when selling goods and providing services to passengers along the route of vehicles during international transport;

between commission agents (agents, attorneys) and principals (principals, principals) when commission agents (agents, attorneys) provide services related to the conclusion and execution of agreements with non-residents on the transfer of goods, performance of work, provision of services, transfer of information and results of intellectual activity , including exclusive rights to them, including operations to return money (other property) to principals (principals, principals);

under contracts of transport expedition, transportation and chartering (charter) when the forwarder, carrier and charterer provide services related to the transportation of cargo exported from or imported into the Russian Federation, transit transportation of cargo through the territory of the Russian Federation, as well as under insurance contracts for said cargo;

with external securities issued on behalf of the Russian Federation, carried out through trade organizers on the securities market of the Russian Federation, subject to the registration of rights to such securities in depositories created in accordance with the legislation of the Russian Federation;

operations with external securities carried out through trade organizers on the securities market of the Russian Federation, subject to the registration of rights to such securities in depositories created in accordance with the legislation of the Russian Federation;

related to the implementation of mandatory payments (taxes, fees and other payments) to the federal budget, the budget of a constituent entity of the Russian Federation, the local budget in foreign currency in accordance with the legislation of the Russian Federation, and some other operations established by law.

Currency transactions on transactions between authorized banks, carried out by them on their own behalf and at their own expense, are carried out in the manner established by the Central Bank of the Russian Federation.

Between residences ents and authorized awesome banks Foreign exchange transactions related to:

with the receipt and repayment of loans and borrowings, payment of interest and penalties under relevant agreements;

depositing residents' funds into bank accounts (bank deposits) (on demand and for a certain period) and receiving residents' funds from bank accounts (bank deposits) (on demand and for a certain period);

bank guarantees, as well as the fulfillment by residents of obligations under surety and pledge agreements;

the acquisition by residents of authorized banks of bills of exchange issued by these or other authorized banks, presenting them for payment, receiving payment on them, including by way of recourse, collecting penalties on them, as well as the alienation by residents of these bills of exchange to authorized banks in the manner established Federal Law of March 11, 1997 No. 48-FZ “On bills of exchange and promissory notes”;

purchase and sale by individuals of cash and non-cash foreign currency and checks (including traveler's checks), the nominal value of which is indicated in foreign currency, for the currency of the Russian Federation and foreign currency, as well as with the exchange, replacement of banknotes of a foreign state (group of foreign states ), acceptance for sending for collection to banks outside the territory of the Russian Federation of cash foreign currency and checks (including traveler's checks), the nominal value of which is indicated in foreign currency, not for the purpose of carrying out business activities by individuals;

payment of commission fees to authorized banks;

other currency transactions classified as banking operations in accordance with the legislation of the Russian Federation.

Non-residents have the right to exercise without restrictions among themselves, transfers of foreign currency from accounts (from deposits) in banks outside the territory of the Russian Federation to bank accounts (in bank deposits) in authorized banks or bank accounts (bank deposits) in authorized banks to accounts (in deposits) in banks outside the Russian Federation or at authorized banks.

Non-residents have the right to carry out currency transactions with domestic securities among themselves on the territory of the Russian Federation, taking into account the requirements established by the antimonopoly legislation of the Russian Federation and the legislation of the Russian Federation on the securities market.

Foreign exchange transactions between non-residents on the territory of the Russian Federation in the currency of the Russian Federation are carried out through bank accounts (bank deposits) opened on the territory of the Russian Federation in the manner prescribed by law.

The purchase and sale of foreign currency and checks (including traveler's checks), the nominal value of which is indicated in foreign currency, on the territory of the Russian Federation is carried out only through authorized banks.

Residents are given the right to open, without restrictions, accounts (deposits) in foreign currency in banks located on the territories of foreign states that are members of the Organization for Economic Co-operation and Development (OECD) or the Financial Action Task Force (FATF).

Residents are required to notify the tax authorities at the place of their registration about the opening (closing) of accounts (deposits) no later than one month from the date of conclusion (termination) of an agreement on opening an account (deposit) with a bank located outside the territory of the Russian Federation.

Resident legal entities have the right, without restrictions, to carry out currency transactions with funds credited in accordance with the Federal Law “On Currency Regulation and Currency Control” to accounts (deposits) opened in banks outside the territory of the Russian Federation, with the exception of currency transactions between residents.

Resident individuals are allowed, without restrictions, to carry out currency transactions not related to the transfer of property and the provision of services on the territory of the Russian Federation, using funds credited to accounts (deposits) opened in banks outside the territory of the Russian Federation.

Non-residents on the territory of the Russian Federation have the right to open bank accounts (bank deposits) in foreign currency and the currency of the Russian Federation only in authorized banks. The procedure for opening and maintaining bank accounts (bank deposits) of non-residents opened on the territory of the Russian Federation, including special accounts, is established by the Central Bank of the Russian Federation.

Non-residents have the right, without restrictions, to transfer foreign currency and the currency of the Russian Federation from their bank accounts (from bank deposits) in banks outside the territory of the Russian Federation to their bank accounts (in bank deposits) in authorized banks. Non-residents are also given the right, without restrictions, to transfer foreign currency from their bank accounts (from bank deposits) in authorized banks to their accounts (in deposits) in banks outside the territory of the Russian Federation.

Non-residents have the right, without restrictions, to make transfers of foreign currency and the currency of the Russian Federation among themselves on the territory of the Russian Federation without opening bank accounts, as well as to make transfers of foreign currency and the currency of the Russian Federation without opening bank accounts from the territory of the Russian Federation and to receive transfers of foreign currency on the territory of the Russian Federation and currencies of the Russian Federation without opening bank accounts.

Currency transactions related to the import into the Russian Federation and export from the Russian Federation of foreign currency and (or) the currency of the Russian Federation, as well as traveler's checks, foreign and (or) domestic securities in documentary form are carried out by residents and non-residents without restrictions, subject to compliance with customs requirements legislation of the Customs Union within the framework of the EurAsEC and legislation of the Russian Federation on customs affairs.

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Except in what cases are foreign exchange transactions between residents prohibited?

In accordance with paragraph 1 of Art. 9 of Law No. 173-FZ, foreign exchange transactions between residents in Russia are prohibited, except in a limited number of cases.

So, currency transactions between residents are allowed to be carried out:

• In the following cases:
  • when transferring rubles from one resident’s account opened outside Russia to another’s account opened in Russia, and vice versa, from a Russian account to one opened abroad;
  • when transferring rubles from a resident’s account opened abroad to the same foreign account of another resident;
  • resident legal entities when carrying out the following currency transactions with funds credited to their foreign accounts:
    • for the payment of wages to employees of its representative office located abroad;
    • for reimbursement and payment of travel expenses of employees of foreign missions sent to the territory of the country where the representative office is located, or to another place, with the exception of business trips in Russia;
    • cash payments (including in foreign currency) when carrying out transactions with resident individuals located abroad and foreign branches (representative offices) of other resident legal entities;
  • resident individuals when carrying out any currency transactions with funds credited to their foreign accounts, with the exception of operations for the transfer of assets and the performance of work (services) on the territory of Russia;
  • to resident individuals through their accounts opened with authorized banks, for any payments, except:
    • donating currency to the country and society or to close relatives and spouses;
    • wills/receipt of currency by inheritance;
    • acquisition of currency valuables for collecting purposes;
    • making a transfer of funds without opening a foreign currency account from Russia or receiving foreign currency in Russia as a transfer, since the Central Bank sets a limit on the amount of such transfers.
• When making payments in a duty-free store, as well as when selling goods (providing services) along the route of the vehicle abroad.
• In commission trading, if the subject of the commission agreement is the conclusion of an agreement and the fulfillment of obligations under it with a non-resident for the supply of goods (provision of services, transfer of rights to intellectual property and information), including when returning funds to the principals in connection with non-fulfillment of the commission agreement .
• When providing forwarding and transport services, including freight (when importing/exporting cargo from Russia or its transit movement across Russian territory). This also includes insurance payments for these cargoes.
• At specially organized auctions, transactions with external securities, the rights to which are recorded in depositories.
• Transactions with external securities registered in depositories, as well as making payments for them in rubles.
• When paying taxes, fees and contributions to the federal (municipal, local) budget in foreign currency.
• When making payments on external securities, except for bills of exchange.
• For compensation and payment of travel allowances when traveling outside Russia for business reasons, as well as when the accountable person returns part of the unspent advance.
• To ensure the functioning of diplomatic and consular missions.
• When a resident individual from Russia transfers currency in an amount not exceeding 5,000 US dollars (or in another currency at the Central Bank exchange rate) to the foreign account of another resident individual.
• Transfer of foreign currency to Russia from foreign accounts of a resident individual to the accounts of other resident individuals opened with authorized banks.
• To compensate for expenses and wages of employees who have left Russia, if their work involves constant travel.
• When making payments between transport companies and clients abroad (individuals and representative offices of legal entities created in accordance with the federal legislation of Russia) under transportation contracts.
• When transferring foreign currency by resident individuals from their accounts in authorized banks to such accounts of their close relatives and spouses.
• When transferring foreign currency to bank accounts in authorized banks of diplomatic missions and consulates outside Russia and to the accounts of Russian state missions at intergovernmental institutions from accounts in authorized banks opened by state executive authorities that operate abroad through their own representative offices, to pay salaries. And also when making such transfers in the opposite direction from the accounts of diplomatic missions and consulates.
• When depositing/returning various types of collateral (clearing, collective or individual) and in the form of a contribution to the property pool.
• For settlements made based on the results of clearing, as well as relationships under commission agreements, the subject of which are obligations fulfilled based on the results of clearing.
• When executing/terminating derivative financial instrument contracts if one party to the contract is an authorized bank (a professional participant in the securities market).
• When acquiring and alienating currency assets acting as security for the fulfillment of an obligation provided for in a repurchase agreement, an agreement that is a derivative financial instrument, and (or) an agreement of another type, concluded on the terms determined by the general agreement (single agreement), provided that one one of the parties to such an agreement is an authorized bank or a professional participant in the securities market.

Foreign currency accounts: are there any restrictions on transactions between residents and banks?

There are no restrictions on foreign exchange transactions between residents and authorized banks if they relate to:

• credit relations (payment of interest, fines and penalties, receipt/repayment of a loan);
• depositing/withdrawing funds from bank accounts;
• obtaining bank guarantees, fulfilling by the resident the duties of a guarantor, mortgagor;
• purchasing bills of exchange issued by authorized banks, demanding payment on them upon presentation;
• acquisition/sale of foreign currency and checks in exchange for Russian rubles;
• payment of commissions to banks.

Residents have the right to make payments using accounts opened with authorized banks in any foreign currency. If necessary, they can carry out conversion operations at a rate agreed with banks. It does not matter in what foreign currency the account was opened.

Authorized banks, which themselves are professional participants in the securities market, can independently open and maintain their own brokerage accounts necessary for non-residents who are their clients for the purpose of accounting for funds. In addition, professional participants in the securities market themselves open special accounts in their authorized banks to record money when making brokerage transactions.

In case of violation of the conditions for carrying out currency transactions, in particular the terms for crediting funds to residents' accounts, sanctions may be applied to the offenders, the calculation of which is based on the Central Bank refinancing rate.

Is foreign currency borrowing between residents allowed?

When applying for a foreign currency loan, the lender transfers to the borrower a certain amount in foreign currency, subject to its return after a specified period. Such loans can be provided on an interest-bearing or free-of-charge basis.

Carrying out currency transactions between residents of the Russian Federation, which includes loans in foreign currency, is not allowed. However, in Law No. 173-FZ in paragraph 1 of Art. 9 provides exceptions allowing residents to receive loans in foreign currency from authorized financial institutions when drawing up relevant agreements. That is, if such a loan is taken out from a bank, there is no violation of the law.

If a loan agreement is concluded between two resident business entities, it must contain only ruble amounts. If desired, at the time of settlement, the final amount can be linked to the exchange rate according to the Central Bank of the Russian Federation.

If a currency transaction to issue loans is carried out between a resident and a non-resident of the Russian Federation, there are no restrictions on it.

Features of currency transactions between non-residents

In accordance with Art. 10 of Law No. 173-FZ, foreign exchange transactions between non-residents are allowed in Russia without any restrictions. Thus, non-residents can freely transfer foreign currency and Russian rubles to each other from/to bank accounts in authorized banks to/from foreign accounts. There are also no restrictions regarding making payments between non-residents without opening bank accounts, both when receiving funds from abroad and when transferring currency and rubles abroad.

Non-residents are allowed any transactions with domestic securities on the territory of Russia, subject to compliance with federal antimonopoly legislation. At the same time, non-residents must carry out currency transactions among themselves using rubles only through bank accounts opened in the Russian Federation.

For information about what taxes and contributions must be paid by non-residents on the territory of the Russian Federation, read the articles:

The procedure for making payments between residents and non-residents

In Russia there are no restrictions on currency transactions between residents and non-residents. The only exceptions are cases when certain restrictions are established to prevent a decrease in foreign exchange reserves in Russia.

Before 2006-2007, many more such restrictions were in effect. However, today there is only the restriction specified in Art. 11 of Law No. 173-FZ. In particular, transactions for the acquisition or sale of foreign currency, as well as checks in such currency, can only be carried out through banks authorized to carry out foreign exchange transactions.

In addition, the Central Bank establishes a number of requirements for financial institutions for documenting transactions with cash foreign currency. Thus, the financial regulator provides for the requirement for mandatory identification of a person buying or selling foreign currency. Personal data may be included in documents drawn up when conducting transactions with foreign cash.

All overseas transactions between residents and non-residents are subject to exchange controls. Details in the material Currency control when transferring money abroad.

To summarize, it can be concluded that foreign exchange transactions between residents are prohibited, except in a limited number of cases. All these exceptions are listed in Law No. 173-FZ and can only be expanded by amending this law by parliamentarians.

As for currency transactions between residents and non-residents, as well as settlements carried out by non-residents among themselves, there are no significant restrictions for them. There are only a number of requirements for the execution of transactions.

When registering transactions with currency values ​​and currencies (foreign and Russian), you will need codes for the types of currency transactions, which can be found in the article Directory of codes for types of currency transactions (2016-2017) .

These requirements, as well as the procedure for execution and forms of the necessary documentation, are described in detail in the regulations issued by the federal financial regulator.

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