Current provisions |
New provisions effective 14 May 2018 |
Residents are required to report to authorised banks the details of the anticipated deadlines for the receipt of payments in foreign exchange and the currency of the Russian Federation from non-residents in the residents' accounts with authorised banks, and the deadlines for the performance by non-residents of their obligations under such contracts |
Contracts/agreements concluded between residents and non-residents in the course of export/import operations shall specify the timing for the performance by the parties of their obligations under their contracts/agreements |
The authorised banks will refuse to perform a foreign exchange transaction if the person fails to provide the required documents or provides incorrect documents and will have the right to refuse to perform a transaction if, in the bank's view, the transaction is aimed at money laundering or terrorist financing |
Expands the list of grounds whose existence permits authorised banks to refuse to process a foreign exchange transaction (in particular, the performance of prohibited foreign exchange transactions between residents, and the breach of any foreign exchange laws of the Russian Federation); such decision on the refusal must be notified to the person concerned in writing no later than one business day after the decision is made |
The administrative liability established in relation to officers by parts 1, 4, 4.1 and 5 of article 15.25 of the Administrative Offences Code of the Russian Federation is only applied to individuals engaged in business activities without forming a legal entity |
Provides that the executives and other employees of organisations performing the organisational, managerial, administrative and commercial functions who commit administrative offences provided in article 15.25 of the Administrative Offences Code of the Russian Federation ("Violation of the foreign exchange legislation of the Russian Federation and the acts of foreign exchange regulators") shall be held administratively liable as officers |
Currently, this administrative offence is not envisaged |
Disqualification for six months to three years for officers previously subjected to an administrative punishment for similar offences in certain types of offences of foreign exchange laws provided in article 15.25 of the Administrative Offences Code of the Russian Federation |
Punishment for the violations provided in article 15.25 of the Administrative Offences Code of the Russian Federation in the form of an administrative fine may be expressed, inter alia, as an amount of money times the refinancing rate of the Bank of Russia of the amount of money credited late in accounts with authorised banks |
Changes the amounts of the administrative fine for a number of offences provided by article 15.25 of the Administrative Offences Code of the Russian Federation and provides that, for the purposes of determining the amount of fine under this article, the key rate (but not the refinancing rate of the Bank of Russia) shall be applied |
Cases on administrative offences provided in article 15.25 of the Administrative Offences Code of the Russian Federation are considered by the competent federal executive authority in the area of foreign exchange control |
The competence to consider cases on the offences provided in article 15.25 of the Administrative Offences Code of the Russian Federation is allocated among courts and the competent federal executive authority in the area of foreign exchange control |