International payment transactions in Russia under the current conditions

Russia has implemented anti-sanctions legislation that includes numerous restrictions on international payment transactions. Special bank accounts, repatriation of funds, and limits on transactions are required, with permissions granted by various governmental bodies. Positive changes include relaxed currency control rules for foreign trade contracts. However, certain restrictions and obligations still apply, and non-compliance can result in administrative and criminal liability.

Key Insights

• ⚡ Russia has developed anti-sanctions legislation consisting of presidential decrees, government resolutions, and clarifications by the Bank of Russia and the Ministry of Finance.
• ⚡ Relaxations in currency control rules for foreign trade contracts have been implemented, increasing the limit to 1 million rubles.
• ⚡ Repatriation of funds under foreign trade contracts is temporarily abolished but will resume after the expiration of the measure.
• ⚡ Loans in rubles can be granted to friendly and unfriendly foreigners, with some restrictions and permissions required.
• ⚡ Restrictions and permissions apply to the payment of dividends and distribution of profits to foreign shareholders of Russian companies.
• ⚡ Transactions with real estate, securities, and shares in Russian companies involve restrictions and permissions, with exceptions for certain cases.
• ⚡ Restrictions apply to the transfer of funds abroad for both residents and non-residents, with exceptions for certain situations.