Permitted currency transactions of residents and non-residents. Taxation of financial sector organizations. Rights and obligations of residents in the course of foreign exchange transactions

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The times when you could easily get sued for almost any action with foreign currency, of course, are long gone. But this does not mean that now foreign exchange transactions in Russia can be carried out without any restrictions at all. There are certain rules governing this type of transactions, and they largely depend on whether the participants in the transaction are residents of the Russian Federation or not. Let's consider how currency transactions are regulated depending on the category of the counterparty.

Currency transactions between non-residents.

When both counterparties are non-residents, the law does not impose any special restrictions on foreign currency settlements between them on the territory of the Russian Federation. They must follow only the general requirements of the regulations governing a particular area of the economy. For example, if we are talking about bank transfers - be guided by the legislation on non-cash payments, when buying and selling shares - regulations on the securities market and antitrust laws.

Currency transactions between residents and non-residents

Such operations can also be carried out without restrictions. The only special requirement is that foreign exchange transactions can only be carried out through banks that have the appropriate permission from the Bank of Russia. Such credit organizations are called authorized banks.

Currency transactions between residents

Here the situation is more interesting. On the one hand, such operations are prohibited, as stated in Art. 9 of the Federal Law No. 173-FZ of December 10, 2003 "On currency regulation and currency control". On the other hand, the same normative act provides for so many exceptions to this rule that it would be more correct to say not about a ban, but about a restriction. Today, the list of exceptions is more than two dozen positions and is updated quite regularly.

The range of foreign exchange transactions that residents of the Russian Federation have the right to carry out among themselves is very wide - from a simple purchase in a Duty Free store or transferring money to relatives abroad to settlements on complex financial instruments - factoring or REPO transactions. Among the allowed transactions between residents:

sale of goods to passengers on international trips;
transactions under a commission agreement, if the final recipient of the service is a non-resident;
operations with external securities;
payment for foreign business trips;
transfers to diplomatic missions and foreign embassies;
currency transfers between individuals. At the same time, the limit is set for non-relatives - $ 500. Those who are related to each other can send euros and dollars to each other without restrictions. You can also give and bequeath currency to relatives unlimitedly;
buying/selling bonds and coins when collecting;
when settling on clearing, repurchase agreements and derivative financial instruments. In this case, one of the parties to the agreement must be an authorized bank or a professional participant in the securities market;
repayment of foreign currency loans or the opening of foreign currency deposits and a number of others.

In this regard, some legislators even express the opinion that such liberal rules in this area threaten the stability of the ruble and a complete ban on currency payments between residents should be introduced.

However, this idea is highly controversial. After all, changes in legislation related to the expansion of the list of permitted foreign exchange transactions did not appear just like that, but were dictated by the real needs of economic entities.

Therefore, the introduction of a complete ban on settlements in foreign currency between residents will lead to additional difficulties for business, which would be highly undesirable in the current difficult economic situation.

findings

Currency transactions on the territory of the Russian Federation between non-residents and between residents and non-residents are not specifically regulated, with the exception of the requirement to make non-cash payments and foreign exchange transactions through authorized banks.

Currency transactions between residents are formally prohibited, but there are many exceptions to this rule, so it would be more correct to say that they are significantly limited.

According to Art. 6 of the Law on Currency Regulation, currency transactions between residents and non-residents are carried out without restrictions, with the exception of those provided for in Art. 7, 8 and 11 of this Law of foreign exchange transactions, in respect of which restrictions are established in order to prevent a significant reduction in gold and foreign exchange reserves, sharp fluctuations in the exchange rate of the Russian Federation, as well as to maintain the stability of the balance of payments of the Russian Federation. These restrictions are of a non-discriminatory nature and are canceled by the currency regulation authorities as the circumstances that caused their establishment are eliminated.

Contained in Art. 6 of the Law on Currency Regulation, the conditions for introducing currency restrictions on transactions between residents and non-residents actually establish a presumption of inappropriateness of state (administrative) regulation of currency transactions. This means that any administrative intervention of the state, in particular the establishment of the restrictions in question, in relation to citizens and legal entities in the possession, use and disposal of currency values must be justified, justified and at the time of the intervention all available economic measures have already been used to regulate certain public relations in this area. Moreover, as soon as the circumstances that caused the introduction of foreign exchange restrictions are eliminated, the latter should be immediately canceled. In this aspect, the provisions of the Russian currency legislation correspond with Sec. 3(b) Art. VII of the Charter of the International Monetary Fund, which establishes that each member of the IMF has "the power ... after consultation with the IMF, to temporarily impose restrictions on the freedom of exchange transactions in scarce currencies ... The state will have full jurisdiction in determining the nature of such restrictions, but they should not be more limited than necessary... and will be relaxed or abolished as soon as possible."

Currently, when applying Art. 6 of the Law on Currency Regulation, it should be taken into account that Art. 7 of this Law became invalid from July 1, 2006, art. 8 - from January 1, 2007, parts 3-6 of Art. 11, which established currency restrictions - from July 1, 2006.

Recall that before January 1, 2007, the currency legislation of the Russian Federation provided for two types of restrictions on foreign exchange transactions between residents and non-residents:

1) the requirement to use a special account;
2) reservation requirement.

Despite the provision in Art. 6 of the Law on Currency Regulation, as a general rule, currency legislation contains separate restrictions imposed on currency transactions between residents and non-residents. In particular:

- Part 2 of Art. 14 imposed a ban on the implementation by legal entities - residents of foreign exchange transactions bypassing accounts in authorized banks, with the exception of a limited list of transactions specified in Part 2 of Art. fourteen;
- part 3 of Art. 14 imposed a ban on the implementation by individuals - residents of foreign exchange transactions bypassing accounts in authorized banks, with the exception of a limited list of transactions specified in parts 3 and 4 of Art. fourteen;
- parts 5 and 6 of Art. 12 imposed restrictions on the implementation by residents of foreign exchange transactions through accounts opened with banks outside the territory of the Russian Federation;
- Article 19 establishes the requirement for the repatriation of foreign currency and the currency of the Russian Federation to the accounts of residents opened with authorized banks when carrying out foreign trade activities.

Settlements in the implementation of foreign exchange transactions between residents and non-residents due to different legal regulation of the procedure for their implementation are divided into three groups:

1) settlements through bank accounts;
2) settlements without opening an account;
3) settlements in cash.

The Russian Federation guarantees the unity of the economic space, free movement of goods, services and financial resources, freedom of economic activity (Part 1, Article 8 of the Constitution). These constitutional provisions do not prevent the legislator from establishing (taking into account the public law nature of foreign exchange regulation in order to ensure the implementation of a unified state monetary policy, the stability of the national currency and the stability of the domestic foreign exchange market of the Russian Federation) special rules for participants in foreign economic activity aimed at the timely entry into the territory of the Russian Federation of foreign currencies under foreign trade agreements, providing for their failure to comply with appropriate liability.

One of these rules is the requirement to repatriate part of foreign exchange earnings, established by the special chapter "Repatriation by residents of foreign currency and the currency of the Russian Federation and the mandatory sale of a part of foreign exchange earnings" of the Law on Currency Regulation.

Attention should be paid to the concept of proceeds subject to the obligation to repatriate. Such proceeds are receipts in favor of residents under foreign trade agreements for goods transferred to non-residents, work performed for them, services rendered to them, information and results of intellectual activity transferred to them, including exclusive rights to them (clause 3, article 21 of the Law on Currency Regulation ). Thus, the obligation to repatriate does not apply to those receipts in favor of a resident from abroad, the basis for which is not a foreign trade contract. Dividends due to a resident from participation in foreign companies can serve as an example of such receipts, since the legal fact from which the resident's right to receive dividends arises is not a foreign trade agreement, but the participation of a resident in the authorized capital of a foreign legal entity.

There is no interpretation of the term "repatriation" in the Law under consideration, but its meaning is determined by the content of the articles of the named chapter: we are talking about the obligation of residents, when carrying out foreign economic activity, to credit to their bank accounts in authorized banks foreign currency and the currency of the Russian Federation due to them under agreements with non-residents, and also ensure the return to the Russian Federation of funds transferred to non-residents in case they fail to fulfill their obligations under the agreement.

Thus, this term denotes the legal obligation of residents, the content of which is the focus on the return of foreign currency to Russia, namely:

– the obligation of residents, when carrying out foreign trade activities, to ensure the receipt from non-residents to their bank accounts in authorized banks of foreign currency or Russian currency due to them in accordance with the terms of contracts;
– the obligation of residents, when carrying out foreign trade activities, to ensure the return to Russia of funds paid by residents to non-residents in the event that non-residents fail to fulfill the terms of the contract (non-delivery of goods, non-performance of work, etc.).

The content of the obligation of a resident to repatriate is reduced precisely to ensuring the receipt of currency under a foreign trade contract. This requirement applies only to currency and is not intended to ensure the return of goods not paid for by a non-resident. In other words, in accordance with the currency legislation, a resident must either receive payment under a foreign trade contract for the transferred goods, the result of intellectual activity, information, work performed or services rendered in favor of a non-resident (receive payment under an export contract), or receive currency from a non-resident in case of non-performance the last of his obligations under a foreign trade contract (to return an advance payment under an import contract). And we are talking about any currency, i.e. both about foreign currency and about the currency of the Russian Federation.

The reservation mechanism is as follows: the subject of the reservation deposits an amount into an account with an authorized bank, which is then re-reserved to the Bank of Russia in a similar manner. This condition is provided by the legislator in order to minimize the risks of participants in foreign economic relations in the event of revocation of a license, liquidation of a credit institution.

In general, the reservation scheme was copied from the procedure for the formation and deposit of the Fund of Required Reserves of Credit Institutions established by the Bank of Russia.

The provisions of the currency legislation on the repatriation of part of the foreign exchange earnings were the subject of consideration by the Constitutional Court of the Russian Federation, which recognized them as consistent with the Constitution (see the rulings of the Constitutional Court of the Russian Federation dated April 2, 2009 No. ”for violation of constitutional rights and freedoms by paragraph 1 of part 1 of article 19 of the Federal Law “On currency regulation and currency control” and part 4 of article 15.25 of the Code of Administrative Offenses of the Russian Federation"; dated 19.05.2009 No. 572-0-0 "On the refusal to acceptance for consideration of the complaint of the open joint-stock company "Kontaktor" on violation of constitutional rights and freedoms by paragraph 1 of part 1 of article 19 of the Federal Law "On currency regulation and currency control" and part 4 of article 15.25 of the Code of the Russian Federation on administrative offenses").

The repatriation requirement should create an effective mechanism for the inflow of foreign exchange into the country, but not a restriction on the use of foreign exchange by residents abroad. The requirement for repatriation from the point of view of the concept of the state's implementation of currency (monetary) sovereignty, or rather, the obligation to ensure the stable functioning of the legal tender (national currency) created by it, is designed to provide the national economy with international liquidity, primarily with the funds of foreign states (foreign currency), with which there are the most active foreign economic relations.

Speaking of reservations, it should be noted that a number of states, in particular Chile, have experience in applying this currency regulation measure as a means of strengthening their monetary policy. However, as world practice shows, it is effective only in cases where strict banking regulation and supervision over possible risks are established. The need to maintain the requirement for the repatriation of foreign exchange earnings in the currency legislation of the Russian Federation is justified by the fact that it is the main tool for the redistribution of foreign exchange funds in the domestic foreign exchange market and a guaranteed source of their acquisition for all participants in foreign economic activity. In conditions of insufficient stability and reliability of the Russian banking system, residents, having received the right not to repatriate foreign exchange earnings, will seek to place the received foreign currency on accounts in foreign banks, which will lead to a decrease in the international assets of the Russian banking system and negatively affect its liquidity. Exemption of residents from the obligation to repatriate foreign exchange earnings can only be established by law.

Thus, the Bank of Russia defines the ultimate goal of reserving as a decrease in market liquidity, a means of combating inflation and preventing capital outflow from the country.

The Law on Currency Regulation contains a closed list of cases where residents have the right not to credit foreign currency and the currency of the Russian Federation to accounts in authorized banks: 1) when crediting foreign exchange earnings to accounts of legal entities - residents or third parties in banks outside the territory of the Russian Federation - for fulfillment of obligations of resident legal entities under loan agreements and loan agreements with non-resident organizations that are agents of foreign governments, as well as under loan agreements and loan agreements concluded with residents of OECD or FATF member states for a period of more than two years;

2) when customers (non-residents) pay local expenses of residents related to the construction by residents of facilities in the territories of foreign states - for the construction period, after which the remaining funds are subject to transfer to residents' accounts opened with authorized banks;
3) when using foreign currency received by residents from holding exhibitions, sports, cultural and other similar events outside the territory of the Russian Federation, to cover the costs of holding them - for the period of these events;
4) when offsetting counterclaims on obligations between residents and non-residents engaged in fishing outside the territory of the Russian Federation, providing services outside the territory of the Russian Federation to the said residents under agency contracts (agreements) concluded with them, as well as between transport organizations - residents and non-residents that provide outside the territory of the Russian Federation services to the specified residents under the contracts (agreements) concluded with them, as well as when offsetting counterclaims for obligations between transport organizations - residents and non-residents in the event that settlements are carried out through specialized settlement organizations created by international organizations in the field of international transportation of which such resident transport organizations are members. For example, in order to apply this rule on set-off of counterclaims, it is necessary that a resident and a non-resident are transport organizations or that both of them carry out fishing outside the customs territory of the Russian Federation. The offset must be carried out in compliance with the conditions of Art. 410–412 of the Civil Code. In particular, the requirements must be homogeneous, not only in terms of the subject matter of the requirements, but also in terms of the grounds for their occurrence. For example, a claim for an advance payment cannot be set off against a claim for payment for services already rendered (information letter of the Presidium of the Supreme Arbitration Court of the Russian Federation of December 29, 2001 No. 65 "Overview of the practice of resolving disputes related to the termination of obligations by offsetting counter homogeneous claims");
5) when offsetting counterclaims for obligations arising from reinsurance contracts or contracts for the provision of services related to the conclusion and execution of reinsurance contracts between a non-resident and a resident that are insurance companies or insurance brokers;
6) when transferring foreign exchange earnings to the accounts of transport organizations - residents in banks outside the territory of the Russian Federation - in order to pay for the expenses incurred by such transport organizations outside the territory of the Russian Federation related to the payment of air navigation, airport, port dues and other mandatory dues in the territories of foreign states , expenses associated with servicing air, river, sea vessels and other vehicles of such transport organizations and their passengers located outside the territory of the Russian Federation, as well as expenses for ensuring the activities of branches, representative offices and other divisions of such transport organizations located outside the territory of the Russian Federation.

Foreign currency credited in accordance with paragraphs 1 and 3 of part 2 of Art. 19 of the Law on Currency Regulation to the accounts of residents or third parties in banks outside the territory of the Russian Federation, should be used for the purpose of fulfilling by residents of their obligations under paragraphs 1 and 3 of Part 2 of Art. 19 of the Law on Currency Regulation, or transferred to residents' accounts opened with authorized banks.

Based on the analysis of currency legislation, the following basic principles of reservation can be distinguished: first, reservations are always made in rubles; secondly, it is always interest-free; thirdly, any reservation requires immediate re-reservation in the Bank of Russia (thus, there is a complete withdrawal of liquidity from authorized banks); fourthly, it is always finite in term (at the end of the term, the amount of the reservation is returned regardless of whether the obligations were fulfilled by the counterparty).

A reservation is an interest-free monetary claim, i.e. residents and non-residents must deposit a certain amount of the reserve on an interest-free deposit with an authorized bank. The currency of the Russian Federation (on the basis of paragraph 1 of Article 140 of the Civil Code, only legal tender on the territory of the Russian Federation is paid - the ruble), contributed as a reservation, is subject to unconditional return in case of proper fulfillment of contractual obligations by the counterparty or upon expiration of the reservation period. In addition, the amount of the reservation cannot be withdrawn by an authorized bank even as a disciplinary measure applied to the client.

Thus, the legal meaning of repatriation is that if a Russian organization transfers foreign currency to a foreign company, it must receive from it goods, works or services for the transferred amount or return the money. If a domestic firm exports goods, works or services, then it is obliged to ensure their full payment.

Control over compliance by Russian residents with these rules is carried out by currency control agents - authorized banks and customs authorities.

The obligation of residents of the Russian Federation to transfer proceeds to accounts in authorized banks is established in relation to contracts related to their foreign trade activities. The definition of the concept of foreign trade activity is contained in the Law on the basics of regulation of foreign trade activities (parts 4, 7, 28, article 2). According to part 2 of Art. 1 of the Law on Currency Regulation, the institutions, concepts and terms of various branches of Russian legislation are applied in the sense in which they are used in these branches of legislation, unless otherwise provided by this Law.

The Law on the Fundamentals of Foreign Trade Regulation establishes that foreign trade activity is the activity of carrying out transactions in the field of foreign trade in goods (import and export of goods), services, information and intellectual property.

Foreign trade includes the import and export of goods, the transfer of exclusive and non-exclusive rights to objects of intellectual property by a Russian person to a foreign person and vice versa.

It should be noted that in the Law on the Basics of Regulation of VTD, a Russian person means:

- a legal entity established in accordance with the legislation of the Russian Federation;
- an individual who has a permanent or predominant place of residence on the territory of the Russian Federation. A Russian individual must be a citizen of the Russian Federation or have the right to permanent residence in it or be registered as an individual entrepreneur in accordance with Russian law.

All other persons are considered foreign.

Foreign trade in services is the provision of services (performance of works), including production, distribution, marketing, delivery of services (works) and carried out in the ways specified in Art. 33 of the Law on the basics of regulation of VTD. Such methods, in particular, include the provision of services (performance of work) on the territory of the Russian Federation to a foreign customer or on the territory of a foreign state to a Russian customer of services.

From the analysis of Art. 2, 33 of the said Law, it follows that a contract for the supply of goods concluded between a resident of the Russian Federation and a non-resident does not apply to foreign trade contracts if there is no import or export of goods. At the same time, a contract for the provision of services (performance of work) concluded between a Russian and a foreign person is considered a foreign trade contract even if the services are provided on the territory of the Russian Federation.

Thus, for the qualification of a transaction as a foreign trade transaction, the fact that the goods being sold (supplied) cross the customs border of the Russian Federation, i.e. export and (or) import of goods. If the contract does not provide for crossing the customs border and the goods are "consumed" by a non-resident on the territory of the Russian Federation, the requirement for the resident to repatriate the proceeds under such an agreement or return the advance payment for undelivered goods, in accordance with Part 1 of Art. 19 of the Law on Currency Regulation, not applicable.

Foreign trade contracts are also contracts, the total amount of which exceeds the equivalent of 5 thousand US dollars at the exchange rate of foreign currencies to the ruble established by the Bank of Russia on the date of conclusion, for the performance of work, the provision of services, the transfer of information and the results of intellectual activity (including exclusive rights on them). When concluding a contract for the provision of services (performance of work), transfer of information and results of intellectual activity with a separate subdivision of a foreign legal entity accredited and located in the Russian Federation, even when making settlements under the contract in rubles, a resident of the Russian Federation becomes a participant in legal relations that fall under the currency regulation and control.

As an analysis of the practice of arbitration courts shows, the conclusion of a contract in the amount of less than 5 thousand US dollars and the failure to issue a transaction passport do not affect the fact that foreign exchange transactions should be carried out only using bank accounts (see the decision of the Federal Arbitration Court of the Volga District dated 04.12.2007 in case No. А65-16713/2007; resolution of the Federal Arbitration Court of the East Siberian District dated January 19, 2007 in case No. А74-2860/06).

According to Art. 39 of the Law on the Fundamentals of Regulation of the VTD, foreign trade in goods, services and intellectual property may be limited by the measures of currency regulation or currency control in accordance with the Articles of the Agreement of the International Monetary Fund and with the legislation of the Russian Federation.

In accordance with Part 1 of Art. 19 of the Law on Foreign Exchange Regulation, when carrying out foreign economic activity, residents are obliged, within the time limits stipulated by foreign economic agreements, to ensure receipt of proceeds from these agreements to their accounts in authorized banks.

The payment terms of export contracts, depending on the commercial interests of the parties involved, may provide for the use of various forms of international settlements: bank transfer (advance payment or payment after delivery of the goods), documentary collection or documentary letter of credit.

Thus, the obligation to repatriate proceeds is established for residents of the Russian Federation under contracts for the export of goods, which provide for the condition for the export of goods from the customs territory of the Russian Federation to the territory of a foreign state.

The legislator provides for a situation when, during the reservation period, the bank is liquidated or reorganized, to the account in which the reservation amount was deposited, as well as the license to carry out banking operations is revoked. In this case, in order to ensure the return of the reservation amount, the Bank of Russia, before the expiration of the reservation period, performs operations with the placed reservation amount necessary to transfer from the account of the specified authorized bank to the account of another authorized bank indicated by the person who deposited the reservation amount.

In accordance with Part 1 of Art. 20 of the Law on Currency Regulation, when carrying out foreign exchange transactions between residents and non-residents, it is necessary to draw up a transaction passport. The procedure for issuing a transaction passport is defined in sec. II instructions No. 138-I.

The transaction passport is issued by residents of the Russian Federation (legal entities or individuals - individual entrepreneurs), if the total amount of the contract exceeds the equivalent of $5,000. If the total amount of the contract does not exceed the equivalent of $5,000, including contributions to the contract of amendments and additions, the transaction passport is not drawn up. This amount is converted into rubles at the exchange rate set by the Bank of Russia on the date of the contract.

The resident is obliged to issue a transaction passport no later than the implementation of the first currency transaction under the contract or other fulfillment of obligations under it. For example, work under a foreign economic contract was completed before payment was made. In such a situation, the deadline for issuing a transaction passport is the day the certificate of completion is signed. In the event that the terms of the export agreement provide for settlements in the form of a letter of credit, authorized banks, in order to avoid such cases, recommend that resident exporters draw up a transaction passport before the date of advising the letter of credit by a foreign bank - issuer in favor of the beneficiary (exporter) through a Russian authorized bank.

For each export agreement, one transaction passport is issued in one authorized bank, in which the resident of the Russian Federation - the exporter - is on banking services. If a resident of the Russian Federation credits foreign exchange earnings for the export of goods under an agreement to his account opened with a foreign bank in cases permitted by law (for example, in accordance with the provisions of Part 2 of Article 19 of the Law on Foreign Exchange Regulation), the transaction passport is issued in a territorial office Bank of Russia at the place of state registration of the resident. At the same time, the territorial office of the Bank of Russia performs the functions of a transaction passport bank. In case of partial crediting of foreign exchange earnings to an account with an authorized bank, partial crediting to an account with a foreign bank, the bank of the transaction passport is an authorized bank, to which the proceeds for the export of goods are partially credited.

The resident is obliged to submit sheet 2 of the transaction passport drawn up under contracts in accordance with which goods are exported from the customs territory of the Russian Federation (export) or goods are imported into the customs territory of the Russian Federation (import). Section 6 of sheet 2 of the transaction passport is filled in by the resident by including information on the terms and procedure for settlements provided for in the agreement. Under the export agreement, the period from the date of release of goods by the customs authorities for export to the date of crediting funds from the non-resident to the bank account of the exporter (payment upon export of the goods, including deferred payment) is indicated, or the case of a non-resident providing a commercial loan to a resident in the form of advance payment for goods ( payment before the date of actual export of the goods, i.e. advance payment). The timing of receipt of proceeds can be fixed in calendar days, if such a calculation is possible in accordance with the terms of the agreement, and are calculated by the resident independently based on the terms of the agreement. Sheet 2 is submitted by a resident only according to the transaction passport, drawn up on the basis of contracts related to the export-import of goods, and is signed by the resident by analogy with sheet 1 of the transaction passport (signature of the authorized person of the resident), and also certified by the seal of the resident (if any). Sheet 2 of the transaction passport is not signed by an authorized bank. At the same time, given that the said document is an integral part of the transaction passport, the bank has the right to refuse to sign the transaction passport to the resident in case of discrepancy between the data contained in the contract and the data specified in sheet 2 of the transaction passport.

If a foreign trade contract contains conditions that provide for both the export of goods from the customs territory of the Russian Federation and the importation of goods into the customs territory of the Russian Federation, the resident must issue one transaction passport in one authorized bank. At the same time, he independently determines his status as a party to the contract (exporter or importer), on the basis of which he puts down the contract type code.

Accounting for currency transactions according to the transaction passport for the export of goods is carried out by the bank in the bank control record for transaction passports based on the information indicated by the resident in the certificate of currency transactions.

The procedure for the submission by residents to authorized banks of documents and information related to the conduct of foreign exchange transactions with non-residents under foreign trade transactions, and the exercise by authorized banks of control over the conduct of foreign exchange transactions is established by Regulation No. 258-P. In particular, documents (in the form of copies certified by the resident in the manner agreed with the bank) confirming the export of goods from the customs territory of the Russian Federation are submitted by the resident with a certificate of supporting documents. In accordance with paragraph 2.4 of this Regulation, the resident submits to the bank documents confirming the export of goods from the customs territory of the Russian Federation, with a certificate of supporting documents within a period not exceeding 15 calendar days after the end of the month during which, under the contract, the goods were exported from the customs territory of the Russian Federation. territory of the Russian Federation.

As documents confirming the export of goods from the customs territory of the Russian Federation, documents containing the necessary information on the export of goods from the customs territory of the Russian Federation, for example, a cargo customs declaration with a customs mark on the date of the actual export of goods or a cargo customs declaration with the date indicated in the stamp " Release allowed." If there is a mark of the border customs office on the date of actual exportation of goods in the cargo customs declaration, the resident has the right to put in the certificate of supporting documents the date of actual exportation of goods on the basis of the confirmation of the border customs office indicated above. If there is no such mark on the date of actual exportation of goods in the cargo customs declaration, the date indicated in the stamp "Release is allowed" may be indicated as the date of exportation of goods.

In case of carrying out foreign exchange transactions under an export agreement in the currency of the Russian Federation, the resident, along with supporting documents, submits to the bank a certificate of receipt of the currency of the Russian Federation within a period not exceeding 15 calendar days following the month during which foreign exchange transactions were carried out under the contract.

When carrying out certain currency transactions under an export agreement through its accounts abroad, the resident submits to the authorized bank a certificate of settlements through accounts abroad within a period not exceeding 45 calendar days following the month during which the resident's operations were carried out through accounts abroad .

When filling out the transaction passport, the resident is obliged to put down the date of fulfillment of all obligations under the export contract (in the absence of such a provision in the contract, the resident independently calculates this date based on the terms of the contract). Also, the resident enters in the transaction passport information on the terms and procedure for settlements for the export of goods provided for in the contract (in the absence of these conditions in the contract, the information is not entered).

In case of carrying out currency transactions under an export agreement in the currency of the Russian Federation, the resident, along with supporting documents, submits to the authorized bank a certificate of receipt of the currency of the Russian Federation within a period not exceeding 15 calendar days following the month during which the currency transactions were carried out under the contract.

When carrying out certain currency transactions under an export agreement through its accounts abroad, a resident submits to the bank a certificate of settlements through accounts abroad within a period not exceeding 45 calendar days following the month during which the resident's operations were carried out through accounts abroad.

When filling out the transaction passport, the resident is obliged to put down the date of fulfillment of all obligations under the export contract (in the absence of such a provision in the contract, the resident independently calculates this date based on the terms of the contract). In addition to the above data, the resident enters information on the terms and procedure for settlements provided for in the contract (in the absence of these conditions in the contract, the information is not entered).

In case of failure to submit documents to the bank within the time limits specified by law, the received currency will remain in the transit account and the resident will not be able to use it until he completes the necessary documents. In addition, the authorized bank is obliged to report this violation to the Bank of Russia (Part 9, Article 23 of the Law on Currency Regulation).

Responsibility of a resident for failure to fulfill within the established period the obligation to receive to their bank accounts in authorized banks foreign currency or the currency of the Russian Federation due for goods transferred to non-residents, services, works, information or results of intellectual activity performed for non-residents, including exclusive rights to them, Part 4 of Art. 15.25 Administrative Code.

If, for any reason, it is impossible to receive the proceeds due under the terms of the contract for the delivered goods within the contractual terms, the resident must draw up an addendum to the agreement with the non-resident on extending the term for receipt of the due proceeds. Of course, this does not mean that the counterparty may not fulfill its contractual obligations at all, because any contract has a start and end date for the contract, and unless otherwise agreed by the parties, the expiration date of the contract will be considered the repatriation period. The addendum must be signed on the date preceding the date of receipt of proceeds established in the main contract. After signing the addendum, the exporter needs to reissue the transaction passport in connection with a change in the deadline for fulfilling obligations under the contract and the deadline for receiving proceeds. It should be taken into account that the Code of Administrative Offenses contains the responsibility of the resident for non-receipt of revenue within the contract period. Thus, even if it is actually credited in favor of the exporter in violation of the contractual period, the exporter's liability formally arises.

If there is a condition in the foreign trade agreement on the attribution of bank expenses and commissions to the account of a resident exporter, the crediting of proceeds in his favor in a smaller amount minus such commissions and expenses will not be a violation of the currency legislation of the Russian Federation.

For each transaction related to the execution of a foreign trade agreement, a resident must report to the bank in which the transaction passport was issued.

To date, currency transactions have become quite common in the Russian Federation. However, this topic contains enough nuances and pitfalls that can not only disrupt an important deal, but also entail legal liability.

Who are currency residents?

Currency residents can be called a circle of persons who during the year at least once visited the territory of the Russian Federation 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 located in other countries;
embassies, consulates, as well as other representative bodies of the Russian Federation located in foreign states.

Features and rights of currency residents

Currency residents have the right to make deposits in foreign currency to their bank accounts. If a resident is related to the securities market and is its participant, then the latter can open a special account - a brokerage one.

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

donation of valuables in the currency of foreign countries to close relatives;
receiving inheritance in the form of foreign currency or by transferring them through a will;
receipt and transfer through Russian banking institutions of a legally limited amount of money;
foreign currency exchange through Russian banks;
paying a fee for the purchase of duty-free goods, as well as international transportation;
transfer and receipt through a non-resident of a limited amount of money in foreign currency equivalent to the Russian territory.

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

receipt and transfer of 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 the territory of another country;
carrying out mutual settlements with individuals - non-residents 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 currency non-residents

The legislation of the Russian Federation characterizes a foreign currency non-resident by the following features:

Russian citizens 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, the period of which is 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 who are not considered residents by Russian law.

Important! The controlling authorities are considered to be foreign currency non-residents of persons who have been in another country for more than a year, and then, having visited Russia, they automatically become residents.

Features and rights of currency non-residents

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

open accounts in Russian banks, both in the currency of other countries and in the national currency of Russia;
make transfers to banking institutions of the Russian Federation from their 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 currency control?

Due to the fact that currency transactions carry a fairly capacious set of instructions and rules, it is 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 legitimacy of foreign exchange transactions:

Central Bank of the Russian Federation;
Federal executive authorities of the Russian Federation authorized to exercise the said control;
Currency control agents. In turn, the latter can act as banks of the Russian Federation specially authorized to carry out controlling activities, as well as professional participants in the securities market;
Corporation of state importance "Bank for Development and Foreign Economic Affairs".

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

legal assessment of the activities of credit and non-credit organizations;
exercising supervision over the legitimacy of the activities of residents and non-residents in the framework of the latter's foreign exchange transactions;
coordinating activities and ensuring interaction between subordinate executive authorities that exercise control over the implementation of currency legislation;
monitoring, analysis and transfer of the necessary information to higher federal authorities.

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

conduct checks on the legality of the actions of residents and non-residents in terms of compliance with currency laws, as well as the completeness of the credentials provided by the latter;
request documents related to the implementation of foreign exchange transactions, as well as statements regarding the opening and maintenance of bank deposits;
issue instructions that reflect the essence of the identified violations and requirements for their elimination;
apply measures, in particular, bringing to justice the persons who have committed violations identified during the audit.

Transactions between residents

Russian legislation provides for a number of transactions that can be carried out between currency residents. Namely operations:

conducted with duty-free trade outlets, as well as those related to trading activities with passengers of vehicles in the process of following 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, the performance of work between commission agents and principals;
regarding the conclusion and execution of contracts for transport expedition, transportation and chartering services related to the import and export of cargo from Russia;
related to external securities (these documents must have rights in depositories);
which include the payment of travel allowances, as well as the reimbursement of an advance that was 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 the currency 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 operation does not exceed five thousand US dollars per one business day through one bank;
related to the mutual transfer of foreign currency by resident individuals to the territory of Russia through foreign banks;
associated with the payment of expenses during trips outside Russia to persons whose work is related to traveling or is realized during the passage of a certain route;
which are related to cash settlements between companies engaged in transportation and their clients - individuals located outside the Russian Federation;
related to foreign currency money transfers 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;
relating to clearing settlements;
involving payment of labor to resident individuals who carry 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 foreign exchange transactions between residents and non-residents, and practically do not restrict them. The only exception is transactions, the conduct of which may entail a decrease in the foreign exchange reserves of the Russian Federation.

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

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

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

Important! It is not allowed to identify the identity of individuals when buying or selling the last currency of another country or checks with a foreign denomination. This procedure is possible only at the personal request of the specified individual.

Transactions between non-residents

The current legislation allows non-residents to carry out the following operations among themselves:

transfers of funds in foreign and Russian currency from Russian banks to banking institutions located on the territory of other states;
money transfers passing through foreign banks to banks located in Russia. By the same principle, transactions related to the Russian currency are carried out;
transfers of currencies of other countries and the Russian Federation on the territory of Russia, while not 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 Russian antitrust laws.

What is repatriation and its features?

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

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

In what cases are foreign exchange transactions between residents prohibited?

The current Russian legislation generally prohibits residents from conducting transactions with foreign currency. This position is regulated by Article 9 of the Law. The only possibility to perform any actions related to foreign currency is the 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 some cases, such as:

relations related to bank loans;
transactions 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 in which they are calculated using accounts previously opened with banking institutions. The law also provides for the possibility of conversion operations at the rate previously agreed with the bank.

Is a foreign exchange loan between residents possible?

When concluding a foreign exchange loan transaction, one party undertakes to provide the other party with a specified 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 both "at interest" and free of charge.

The law prohibits the provision of foreign currency loans to residents of the Russian Federation. But still there are exceptions. For example, a currency resident can only receive said 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

The Russian legislation has rather scrupulously approached the issue of regulating relations related to foreign exchange transactions. But at the same time, with due observance of all these rules and regulations, residents and non-residents may not be afraid 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:

Attention!

Due to changes in the legislation of the Russian Federation, the information in the article could be out of date! Our lawyer is ready to advise you free of charge - write a question in the form below:

They are divided into current foreign exchange transactions and foreign exchange transactions related to the movement of capital. Current currency transactions are carried out without any restrictions. Operations on the movement of capital are carried out in the manner determined by the Government of the Russian Federation and the Central Bank of the Russian Federation.

Currency transactions between residents are prohibited, with the exception of: transactions related to settlements in duty-free shops, when selling goods and providing services to passengers en route in international transportation; transactions between commission agents (agents, attorneys) and principals (principals, principals) when rendering) services related to the conclusion and execution of contracts with non-residents on the transfer of goods, the performance of work, the provision of services, the transfer of information and the results of intellectual activity, including exceptional rights to them; operations under contracts of transport expedition, transportation and chartering (charter) when the freight forwarder, carrier and charterer provide services related to the transportation of cargo exported from the Russian Federation or imported into the Russian Federation, transit transportation of cargo through the territory of the Russian Federation, as well as under insurance contracts for these cargoes; transactions 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; operations of legal entities with external securities, provided that the rights to such securities are recorded in depositories established in accordance with the legislation of the Russian Federation, and settlements are made in the currency of the Russian Federation; transactions related to the implementation of mandatory payments to the federal budget, the budget of the subject of the Russian Federation, the local budget in foreign currency.

Currency transactions are carried out without restrictions between residents and authorized banks related to: obtaining and repaying credits and loans, paying interest and sanctions under relevant agreements; depositing residents' funds to bank accounts (deposits) and receiving residents' funds from bank accounts (deposits); acquisition by residents from authorized banks of promissory notes issued by these or other authorized banks, presentation of them for payment, receipt of payment on them, collection of sanctions on them, as well as alienation by residents of the said promissory notes to authorized banks; with the purchase and sale by individuals of cash and non-cash foreign currency and 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 foreign states, acceptance for collection in banks outside the territory RF cash foreign currency and checks, the nominal value of which is indicated in foreign currency, not for the purposes of entrepreneurial activities by individuals.

Non-residents have the right:

without restrictions to carry out transfers of foreign currency among themselves from accounts in banks outside the territory of the Russian Federation to bank accounts in authorized banks or bank accounts in authorized banks to accounts in banks outside the territory of the Russian Federation or in authorized banks;
carry out foreign exchange transactions with domestic securities on the territory of the Russian Federation, taking into account the requirements of antimonopoly legislation and legislation on the securities market in the manner established by the Central Bank of the Russian Federation, which may require the use of a special account when performing such transactions.

Commercial banks - subjects of tax relations
- The role of commercial banks as participants in tax relations
- Obligations of commercial banks provided for by the legislation on taxes and fees
  - Obligations of banks related to the accounting of taxpayers
  - Obligations of banks to execute orders for the transfer of taxes and fees
  - Obligations of banks to suspend operations on accounts of organizations and individual entrepreneurs
- Responsibility of commercial banks for violation of their obligations under the legislation on taxes and fees
Features of taxation of commercial banks
- Taxation of commercial banks with corporate income tax
  - Expenses taken into account and not taken into account when calculating the tax base of commercial banks
  - The procedure for recognizing income and expenses of commercial banks
  - The procedure for carrying forward banking losses for the future
  - Tax rates for banks
  - The procedure for calculating and terms of payment of the tax of commercial banks
- Taxation of commercial banks with value added tax
  - Banking transactions not subject to VAT
  - Services of commercial banks subject to VAT
- Taxation of commercial banks with corporate property tax
Taxation of transactions of commercial banks with securities
- Securities as the most important source of financing the economy and subject of taxation
- Taxation of transactions with securities with personal income tax
  - Features of calculating personal income tax on transactions with investment shares
  - Features of calculation of personal income tax on operations with securities under trust management
  - Peculiarities of calculation of personal income tax on operations with financial instruments of futures transactions
- The procedure for payment and reporting on personal income tax by commercial banks
- Taxation of operations with securities by corporate income tax
  - Features of determining the tax base from transactions for the sale of corporate bonds
  - Features of determining the tax base for transactions with state and municipal securities
  - Features of determining the tax base for operations with bills of exchange
  - Peculiarities of taxation of REPO transactions
Taxation in the insurance business
- Subjects of insurance business in tax legal relations
- Taxation of insurance companies
  - Income tax of insurance companies
  - Insurance organizations as tax agents for personal income tax
  - Insurance organizations as payers of the unified social tax
Taxation of participants in foreign economic activity
Fundamentals of state regulation of foreign economic activity
- The concept and subjects of foreign economic activity
- Legal and regulatory support
- State regulation
Currency regulation of foreign economic activity
- Legal basis for currency regulation
- Currency transactions: the concept, types and system of restrictions provided for by currency legislation
- Methods of regulation of foreign exchange transactions
- Rights, duties and responsibilities of residents and non-residents under the currency legislation
Customs regulation in the Russian Federation
- Legal basis of customs regulation
- Customs business and customs authorities
- Customs clearance and declaration of goods
- Basics of building a system of customs payments
Customs duties and fees
- Main elements of customs duties
- Import duties
- Export customs duties
- Customs duties
Features of the calculation and payment of value added tax when performing foreign economic transactions
- VAT on import of goods
- VAT on export of goods
- Determination of the place of sale of goods, works or services for the purposes of calculating VAT
Features of the calculation of income tax in the implementation of foreign economic operations
- Withholding income tax of foreign organizations at the source of payment
- Application of international treaties for the avoidance of double taxation
- Taxation of exchange rate and sum differences

Currency transactions: the concept, types and system of restrictions provided for by currency legislation

In accordance with paragraph 9 h. 1 Article. 1 of the Federal Law "On currency regulation and currency control", a currency transaction is recognized:

acquisition by a resident from a resident and alienation by a resident in favor of a resident of currency values on legal grounds, 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 (as well as by a non-resident from a non-resident) and alienation by a resident in favor of a non-resident or by a non-resident in favor of a resident (as well as by a non-resident in favor of a non-resident) of currency values, the currency of the Russian Federation and domestic securities on legal grounds, 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 customs territory of the Russian Federation and export from the customs territory of Russia of currency values, the currency of the Russian Federation and domestic securities;
transfer of foreign currency, the currency of the Russian Federation, internal and external securities from an account opened outside of Russia to an account of the same person opened in Russia, and from an account opened in the Russian Federation to an account of the same person opened for outside the Russian Federation;
transfer by a non-resident of the currency of the Russian Federation, internal and external securities from an account (from an account section) opened on the territory of the Russian Federation to an account (account section) of the same person opened on the territory of Russia.

Currency transactions can be carried out not only in the process of civil law transactions. For example, a currency transaction will also be the payment of taxes and fees in foreign currency (clause 7, part 1, article 9 of Law No. 173-F3), i.e. in this case, the currency transaction has a pronounced public character and follows from (financial ) tax relations. Another example is the import into the customs territory of the Russian Federation and export from the customs territory of Russia of foreign currency.

According to the subject composition, all foreign exchange transactions can be divided into three categories:

currency transactions between a resident and a non-resident;
currency transactions between a resident and a resident;
currency transactions between a non-resident and a non-resident.

Currency transactions between residents and non-residents

As a general principle, Law No. 173-F3 stipulates that foreign exchange transactions between residents and non-residents are carried out without restrictions, with the exception of transactions for the purchase and sale of foreign currency and checks (including traveler's checks), the nominal value of which is indicated in foreign currency. In relation to such transactions, restrictions are set to prevent a significant reduction in gold and foreign exchange reserves, sharp fluctuations in the exchange rate of the Russian Federation and maintain the stability of the balance of payments.

These restrictions are not discriminatory and are canceled as the circumstances that caused their establishment are eliminated (Article 6 of Law No. 173-F3). It should be noted that the establishment of a requirement for identification of a person when buying and selling by individuals foreign currency in cash and checks (including traveller's checks), the nominal value of which is indicated in foreign currency, is not allowed. Personal identification information can be included in documents issued when buying and selling foreign currency in cash and checks only at the request of the individual himself (clause 2, article 11 of Law No. 173-F3).

Currency transactions between residents

Currency transactions between residents are generally prohibited. However, there are a number of restrictions from the general rule.

Firstly, this prohibition does not apply to foreign exchange transactions on transactions between residents and authorized banks and between authorized banks, carried out by them on their own behalf and at their own expense in the manner established by the Bank of Russia.

Secondly, as follows from Part 1 of Art. 9 of the said Law, the following currency transactions between residents are carried out without restrictions:

1) transfer by a resident natural person of currency valuables as a gift to the Russian Federation, its subject and (or) municipal formation;

2) donation of currency values to a spouse and close relatives;

3) bequest of currency values or their receipt by inheritance right;

4) acquisition and alienation by a resident individual for the purpose of collecting single banknotes and coins;

5) a transfer by a resident individual from the Russian Federation and receipt in the Russian Federation by a resident individual of a transfer without opening bank accounts is carried out in accordance with the procedure established by the Bank of Russia, which may only provide for limiting the amount of the transfer, as well as postal transfers;

6) operations related to settlements in duty-free shops, with settlements in the sale of goods and the provision of services to passengers along the route of vehicles in international transportation;

7) transactions between commission agents (agents, attorneys) and principals (principals, principals) when commission agents provide services related to the conclusion and execution of contracts with non-residents on the transfer of goods, the performance of work, the provision of services, the transfer of information and the results of intellectual activity, in including exclusive rights to them;

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

9) transactions with external securities carried out through trade organizers on the securities market of the Russian Federation, if the rights to such securities are recorded in depositories established in accordance with the legislation of Russia;

10) transactions with external securities, provided that the rights to such securities are recorded in depositories established in accordance with the law, and settlements are made in the currency of the Russian Federation;

11) transactions related to mandatory payments (taxes, fees and other payments) to the federal budget, the budget of a subject of the Russian Federation, the local budget in foreign currency in accordance with the law; operations related to payments on external securities (including mortgages), with the exception of promissory notes;

13) operations in the payment and (or) reimbursement of expenses of an individual related to a business trip outside the Russian Federation, as well as operations in the repayment of an unspent advance payment issued in connection with a business trip;

14) operations related to settlements and transfers in the course of execution of the budgets of the budgetary system of the Russian Federation in accordance with the budgetary legislation;

15) transactions involving settlements and transfers for the implementation of the activities of diplomatic missions, consular offices and other official representations of the Russian Federation located outside Russia, as well as permanent missions at interstate or intergovernmental organizations;

16) transfer by a resident individual from the Russian Federation in favor of other resident individuals to their accounts opened with banks located outside the Russian Federation of an amount not exceeding within one business day through one authorized bank an amount equal to the equivalent of 5,000 US dollars at the official rate set by the Bank of Russia as of the date of debiting funds from the account of a resident individual;

17) transfer by a resident individual to the Russian Federation from accounts opened with banks located outside of Russia in favor of other resident individuals to their accounts in authorized banks;

18) transactions for payment and (or) reimbursement of expenses associated with business trips outside Russia for employees whose permanent work is carried out on the road or has a travel character;

19) all of the above operations performed by trustees.

The said transactions, with the exception of those specified in paragraphs 1-6, may be carried out by residents exclusively in a non-cash manner. In addition, resident legal entities may conduct with resident individuals the following settlements of their funds credited in accordance with Law No. 173-F3 to their accounts (deposits) opened in banks outside Russia:

on the payment of wages to employees of diplomatic missions, consular offices and other official representations of the Russian Federation located outside Russia, as well as permanent missions at interstate or intergovernmental organizations;
on the payment of wages to employees of a representative office of a legal entity - a resident located outside of Russia;
on payment and (or) reimbursement of expenses related to the business trip of the above-mentioned employees to the territory of the country where representative offices, institutions and organizations are located and beyond its borders, with the exception of the territory of the Russian Federation.

Currency transactions between non-residents

Non-residents have the right, without restrictions, to transfer foreign currency between themselves from accounts (deposits) in banks outside the territory of the Russian Federation to accounts (deposits) in authorized banks or from accounts (deposits) in authorized banks to accounts (deposits) in banks outside the territory of the Russian Federation. Russian Federation or in authorized banks. Non-residents have the right to carry out foreign exchange transactions with domestic securities on the territory of the Russian Federation, subject to the requirements established by the antimonopoly legislation and legislation on the securities market.

Currency transactions between non-residents on the territory of the Russian Federation in the currency of the Russian Federation are carried out through bank accounts opened on the territory of the Russian Federation (Article 10 of Law No. 173-F3).

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. Non-residents have the right, without restrictions, to transfer foreign currency and the currency of the Russian Federation from accounts (deposits) in banks outside the territory of the Russian Federation to their accounts (deposits) in authorized banks. Non-residents have the right to transfer foreign currency without restrictions from their bank accounts (deposits) in authorized banks to their accounts (deposits) in banks outside the territory of the Russian Federation (clauses 1-4 of article 13 of Law No. 173-F3).

Residents' accounts in foreign banks

Prior to the entry into force of the current Law, residents could open and use accounts in foreign banks only in the manner provided for in par. 1 p. 2 art. 5 and Art. 6 of the Law of October 9, 1992 No. 3615-1 "On currency regulation and currency control", i.e. with the most severe restrictions. Since June 2005, residents have acquired the right to freely open accounts in foreign banks located in the territories of foreign states - members of the OECD or FATF. and disposal of funds credited to them, including their use for business purposes. Opening accounts in banks located in the territories of foreign countries that are not members of the OECD or the FATF has also become possible, but only subject to the requirement to pre-register the account being opened in the manner established by the CBR. However, as of January 1, 2007, this restriction also ceased to have effect.

The only requirement for residents opening accounts with banks located in foreign countries is to notify the tax authority at the resident's place of registration of opening an account in the form approved by the Federal Tax Service within one month from the date of opening the account (part 2 of article 12 Federal Law "On currency regulation and currency control").

Import, export and transfer of currency values, currency and domestic securities

Import into 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, is carried out by residents and non-residents without restrictions, subject to the requirements of the customs legislation of the Russian Federation.

When individuals (residents and non-residents) import cash foreign currency and (or) the currency of the Russian Federation, as well as traveler's checks, external and (or) internal securities in documentary form into the Russian Federation in an amount exceeding the equivalent of 10,000 US dollars, imported cash foreign currency and (or) currency of the Russian Federation, as well as traveler's checks, foreign and (or) domestic securities in documentary form are subject to declaration to the customs authority by submitting a written customs declaration for the entire amount of imported cash foreign currency and (or) currency of the Russian Federation, as well as traveler's checks, external and (or) internal securities in documentary form (clause 1, article 15 of Law No. 17E-FZ).

Individuals (residents and non-residents) can freely take out of Russia cash foreign currency and (or) the currency of the Russian Federation in an amount not exceeding the equivalent of 3,000 US dollars.

It is necessary to declare amounts from 3,000 to 10,000 US dollars. Amounts over $10,000 in the form of foreign currency, traveler's checks, external and (or) internal securities in documentary form can be exported at a time only if they were previously imported, sent or transferred to the Russian Federation and subject to the requirements of customs legislation within the limits specified in customs declaration or other document confirming their import, shipment or transfer to the Russian Federation. In addition, such amounts are subject to declaration to the customs authority by filing a written customs declaration (clause 3, article 15 of Law No. 173-F3).

It should be noted that Russian legislation establishes a ban on the transfer of cash currency of the Russian Federation and foreign currency in domestic and international postal items. According to sub. "g" Art. 22 of the Federal Law No. 176-FZ of July 17, 1999 "On Postal Communication" and clause 17 of the Rules for the Provision of Postal Services, approved by Decree of the Government of the Russian Federation of April 15, 2005 No. 221, are prohibited in mail sent within the Russian Federation banknotes of the Russian Federation and foreign currency to be sent (except for those sent by the Bank of Russia and its institutions).

A similar rule applies to international mail. Postal operators have the right to detain domestic postal items, the contents of which are prohibited for shipment, at the place of their discovery and are obliged to immediately notify the relevant authorities authorized to seize items prohibited from shipment.

An important issue is the transfer of the currency of the Russian Federation and foreign currency by resident individuals from Russia abroad without opening an account in an authorized bank. In accordance with paragraph 1 of Directive of the Central Bank of the Russian Federation dated March 30, 2004 No. 1412-U “On establishing the amount of transfer by a resident individual from the Russian Federation without opening bank accounts”, the Bank of Russia established that a resident individual has the right to transfer from the Russian Federation without opening bank account in an authorized bank in foreign currency or the currency of the Russian Federation in an amount not exceeding the equivalent of 5,000 US dollars, determined using the official exchange rates of foreign currencies against the ruble established by the Bank of Russia on the date of the instruction to the authorized bank to make the said transfer. The total amount of transfers by a resident individual from the Russian Federation without opening a bank account, made through an authorized bank (its branch) within one business day, should not exceed the equivalent of 5,000 US dollars.

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