From March 27, 2022, the amount of prepayment from residents to non-residents is limited

By the decision of the Board of Directors of the Bank of Russia dated March 25, 2022, it was established that from March 27, 2022, advance payment by residents in favor of non-residents can be made within 30% of the amount of obligations stipulated under each contract. This restriction applies to the following contracts:

  • provision of services by a non-resident;
  • performance of work by a non-resident, transfer by a non-resident of information, results of intellectual activity, including exclusive rights to them.

Residents do not include Russian banks and individuals without the status of an individual entrepreneur. Non-residents are understood as foreign legal entities and individuals.

The amount of transactions within 30% of the amount of obligations is determined using the official rates of the Central Bank of the Russian Federation of foreign currencies to the ruble on the date of execution by the authorized bank of residents' instructions for making a prepayment or advance payment.

The restriction does not apply to the following contracts:

  • contracts providing for the purchase from a non-resident and (or) the provision of services by a non-resident related to the purchase in the territory of the Russian Federation or abroad of fuels and lubricants (bunker fuel), food, inventory and other goods (with the exception of spare parts and equipment) necessary to ensure the operation and maintenance of vehicles, regardless of their type and purpose, en route or at intermediate stops or parking;
  • contracts providing for the provision of financial services by non-residents to residents, including under insurance and reinsurance contracts.

UPD. The Central Bank of the Russian Federation decided to cancel from April 2 the 30% restriction on the payment of advances in favor of non-residents in relation to:

  • contracts worth less than 15 thousand US dollars (at the exchange rate as of the date of conclusion of the contract)
  • contracts for international transportation, provision of rolling stock, feasibility studies, and logistics services.