01.07.2022 Александр Сологуб

News digest (July 1)

Dear colleagues and partners! News: we present the new overview of changes in the legislation of the Russian Federation…

Currency easing

Individuals who are Russian residents have the right to transfer no more than 1 million US dollars (or the equivalent amount in another currency) from their account in a Russian bank to their account abroad or to the other individual within a calendar month.

Previously, the restrictions were 150 thousand US dollars per month.

The Press Release of the Bank of Russia dated June 30, 2022.

The measure can be considered positive for individuals who have property abroad or persons in need of assistance. The measure indicates the stable state of the domestic foreign exchange market and the Russian economy as a whole.

Payment of shares, allocations, contributions under the simple partnership agreement

Since June 01, 2022, residents are allowed to carry out operations to pay for shares, deposits, allocations in the property of non-resident legal entities, contributions under simple partnership agreements, without obtaining permission from the Bank of Russia. Conditions:

  • the transaction is carried out in rubles or in foreign currency of “friendly” states;
  • the transaction is carried out in the currency of a foreign state in the amount not exceeding the equivalent of 15 million rubles at the official exchange rate of the Bank of Russia.

The Resolution of the working group of the Bank of Russia on considering the matters of issuing permits for residents and non-residents to carry out operations (transactions) in respect of which, because of unfriendly actions of foreign states, prohibitions (restrictions) on their commission have been established, dated 23.06.2022 № ПРГ-12-4/1383.

The measure can also be considered positive for business, allowing residents of the Russian Federation to create / buy shares and maintain active foreign companies.

Removal of COVID-related restrictions

Since July 01, 2022, restrictions imposed by Rospotrebnadzor in relation to the COVID-19 epidemic in Russia have been removed. The restrictions include the mask regime, prohibition on catering at night, maintaining social distance in public places, the number of persons participating in mass events.

The Resolution of the Chief State Sanitary Doctor of the Russian Federation dated 20.06.2022 № 18 “On certain provisions of the Resolutions issued by the Chief State Sanitary Doctor of the Russian Federation on issues related to the spread of the new coronavirus infection COVID-19”.

The measure is positive, indicating the stable epidemiological situation in the country.

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