The Russian currency-control law* sets legal basics and principles of currency regulation and currency control in the Russian Federation.

It regulates the payments in RUR and foreign currency between residents and non-residents. The Currency Law declares the following basic principle: any currency transaction which is not specifically prohibited or regulated is permitted without restriction.

Transactions (including transfer of title to currency values, Russian currency, and Russian securities) between residents and non-residents are subject to currency control.

Settlements between residents in foreign currency are forbidden.

Settlements between residents in RUR aren’t currency operations and such payments are effected without currency control.

Payments between resident and non-resident are allowed, but should follow special requirements.

Payments between residents and non-residents can be transferred in any currency. In this case Residents are still required to prepare the so-called „transaction passport” for certain transactions such as loans, international sales of goods and services, regardless of the currency of payment.

There is no any restriction on direct transaction between non-residents, including transfers abroad in any currency; so „Transaction passport” in these cases is not required.

There are no restrictions for Residents receiving or granting loans in any  currency from or to non-residents.

The Currency Law introduces a distinction between "local" and "foreign" securities. Local securities are issued in the Russian Federation and denominated or payable in rubles. Foreign securities comprise all other securities.

The Currency Law regulates transactions between residents and non-residents involving either local or foreign securities, as well as transactions between non-residents involving local securities.

For more details please contact your Relationship Manager.

OTP Bank provides you and your company a comfortable way to fulfil your obligations of Monetary Control. You can fill in forms and send the necessary documentation via our InternetBank system.

* “Federal Law on the Currency Regulation no. 173-FZ of December 10, 2003” and „Instructions of the Central Bank of Russia 117-I of June 15, 2004” on the procedure for residents and non-residents to submit to the authorized Banks the documents and information in carrying out currency transactions and on the procedure for recording currency transactions and for formalizing deal passports by the authorized banks