18.01.07

A bill has been introduced in the State Duma which proposes introducing amendments to Article 12 of the Foreign Currency Regulation and Control Act. This document frees foreign institutions from the obligation to report to Russian tax authorities the movement of all funds (deposits) in banks outside the Russian Federation. The terms of this bill will apply to diplomatic representatives, Russian consular offices, and other official Russian representatives located beyond Russian borders, as well as Russian permanent representatives to international and intergovernmental organizations.