There will be more opportunities for mutual settlements in export

The list of cases in which residents have the right not to transfer foreign currency or rubles for export transactions to their bank accounts with authorized banks will be expanded.

We are talking about cases of setting off counterclaims under foreign trade agreements or when replacing a new obligation of a non-resident to a resident.

The Government must approve the list of permitted cases of such offsets or replacement with new obligations in consultation with the Central Bank of the Russian Federation.

The relevant draft amendments to the Federal Law No. 173-FZ «On Currency Regulation and Currency Control» were prepared by the Ministry of Finance.

In the description of the project, it is noted that ineffective provisions of Law No. 173-FZ were found during the monitoring of law practice. In particular, residents can’t set off counterclaims for obligations arising from the terms of a foreign trade agreement in some situations or replace them with a new one to fulfill the obligation to return foreign currency earnings.

This inconvenience will be corrected. The purpose of the draft law is to improve the mechanism for fulfilling the exporter’s duty to return foreign currency earnings and to minimize and simplify the requirements of currency control, which will contribute to an increase in the volume of exports of goods.