On Jun. 5, RUS CB amended procedure for currency transactions.
RUS CB proposed ord on amendments to instruction 181-I on the procedure for residents and non-residents to submit supporting documents and information to authorized banks when carrying out foreign exchange transactions, on uniform forms of accounting and reporting on foreign exchange transactions, the procedure and deadlines for their submission.
Consultation documents are only available on RUS CB website until comment deadline.
Proposals
It is proposed that residents must register forex trade contracts (where payments are made using digital rights) with authorized banks, however, the thresholds remain the same: 3mn RUB for import contracts and 10mn RUB for export contracts.
Procedures and timelines are set for residents to submit documents and information on transactions involving the transfer or receipt of digital rights for trade contracts.
Guidelines for reporting currency transactions related to the acquisition of digital rights, including issuance and termination of obligations verified by digital rights.
In addition, new codes for currency operations involving the acquisition or disposition of digital rights for Russian and foreign currency are proposed to be introduced.
The provisions apply to authorized banks (and their branches), residents, and non-residents, excluding individuals, involved in currency operations with digital rights.
Effectiveness
Comments and feedback are expected by Jun. 18, 2024.
Nov. 2024 Ord Issued
On Nov. 20, 2024, RUS CB issued ord 6819-U amending instruction 181-I.
Requires that foreign trade contracts, including those providing for settlements using digital rights, must be registered with authorized banks as from Jan. 11, 2024.
The thresholds for the registration of these contracts remain unchanged, i.e. over RUB 3mn and RUB 10mn for import and export contracts, respectively.
Ordinance specifies documents and information residents must provide to banks.
Must include data on transactions to transfer or receive digital rights as a means of payment under foreign trade contracts and other foreign exchange operations.
Regulators
RUS CB
Entity Types
Bank
Reference
PR 11/20/2024; Ord 6819-U, 8/6/2024; CP, 6/5/2024; Ins 181-I, 8/16/2017; fintech
