What currency transactions between residents are now allowed

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To date, residents of the Russian Federation cannot make payments in foreign currency. There are some exceptions to the rules. Recently, another one has been added. It is in the list of exceptions introduced by Federal Law No. 511-FZ dated 05.12.2022.

Transactions between resident and non-resident

Transactions related to settlements with foreign representatives are allowed, but they will have to pass currency control. It should be borne in mind that there are some cases when transfers in favor of non-residents from unfriendly countries are carried out in a special order. Let ‘s list such situations:

– provision of loans in rubles;

– transactions as a result of which a non-resident has the right of ownership of securities or real estate;

– transfer of currency to the account of foreign creditors to repay obligations if they exceed 10 million rubles per month.

A special permissive procedure is provided for currency transactions mentioned above. First, you will need to submit the relevant documents to a special Government commission. There, each case will be considered individually and, after analysis, they will decide to allow or reject the operation.

Exceptions to the general rule

The general rule prohibits settlements in foreign currency between foreign currency residents of the country. This category includes citizens of the Russian Federation and foreigners permanently residing in the Russian Federation (except for permanent residents in foreign countries for at least a year), Russian organizations and their separate units abroad, diplomatic and other official representations of the Russian Federation abroad.

In the following cases, operations in foreign currency are allowed:

– payments under employment contracts, including travel expenses and advances;

– various payments of diplomatic consulates;

– payment for goods and services in duty-free shops and en route between countries;

– contributions to the Federal Budget in the form of taxes and fees;

– payment for forwarding and transport services, including insurance.

What if you break the rules

Penalties are provided for violations of currency legislation. Before the new requirements were introduced, they were very strict – from 75% to 100% of the amount. That is, by sending money incorrectly, a person (or organization) could have lost them completely. Such a fine stimulated attention to the laws.

Violations include all actions that contradict the established rules. This applies not only to new decrees, but also to previously adopted laws. They can be fined for:

– any currency transactions that do not meet the requirements;

– failure to submit notifications to the Federal Tax Service on the opening and closing of a foreign account, as well as data on the movement of funds on it;

– non-compliance with the rules on the mandatory sale of part of the proceeds for legal entities;

– violation of the established deadlines for the refund of money in the Russian Federation;

– late submission of reports on currency transactions.

The new law No. 235-FZ of 13.07.2022 reduced the amount of fines for citizens, sole proprietors and organizations. The administrative penalty ranges from 20% to 40% of the transaction amount. For officials, the fine should not exceed 30,000 rubles.

Let’s mention the possibility of not paying fines, despite the fact that the rule has been violated. This mitigation is provided for those who cannot meet the requirements for technical reasons. If there is no fault of the resident, he will not be punished. Such conditions apply to offenses that occurred from February 23, 2022 to December 31, 2022. If a fine is imposed during this period, you will not have to pay it. For already repaid violations, it will not be possible to return the money.

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