08.02.05

The State Duma together with the Government and the Central Bank have prepared amendments to the law “On Currency Regulation and Control.” One of the key amendments concerns the regulation of the procedure for importing currency into Russia according to current rules for its export. The essence of the amendment is to allow import of currencies, rubles and securities up to 10,000 USD without declaration; everything that is over this sum must be declared. The current law allows export of sums up to 10,000 USD, but anything over 3,000 USD must be declared.

The list of legal currency operations between residents will have five new points. Some of the operations to be allowed are the following: currency transactions related to the activity of Russian diplomats; operations related to business travel abroad; for payment of taxes of all kinds; payments related to returns from securities; and transfers by individuals to foreign personal bank accounts, within the limit of 5,000 USD. The implication of this final point means that if an individual wants to transfer money from a bank account in Russia to one abroad -  for example, to a child - it will be possible directly through the bank. Currently this is only possible using special payment systems or by post.

Life for foreigners in Russia will also improve. They will be allowed to pay their stay in hotels, transport and other services in cash, in rubles. Presently they must pay in hard currency and only via bank transfer. Russian will then also be able to pay in cash for purchases in Duty Free, and all parts of international transportation. 

Proposed procedure for currency import

Part 1, Article 15 of the Law "On Currency Regulation and Control" will probably take the following form:

"Residents and non-residents may import into the territory of Russian Federation currencies, rubles and securities without any restrictions, as long as it does not violate the Customs Law of the Russian Federation. For any instance of the import of currency, rubles, and securities of over 10,000 USD, a customs declaration should be completed and submitted." «Klerk.ru»