Requirements for repatriation of foreign currency export earnings will be relaxed

15.12.2020

Exporters will have another way to meet the requirements for the return of foreign currency earnings to Russia. The government has prepared relevant amendments to the draft law «On currency regulation and currency control».

The obligation to repatriate is proposed to be considered fulfilled if the Russian bank has paid funds under the guarantee of a foreign trade transaction. This solution will simplify compliance with the law and reduce the risk of non-receipt of money if a foreign buyer violates the obligations to pay for the contract.
The proposed amendments will make the currency control procedure less time-consuming and make the companies' work more comfortable.

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