The Ministry of Finance of the Russian Federation adopted a decision to mitigate the amendments to the Law on Currency Regulation concerning the obligation of the reportingregarding the accounts in foreign banks of Russian citizens who do not live in the territory of the Russian Federation.

Russians who temporarily or permanently reside abroad will be exempted from notifications regarding open foreign accounts, as well as movement of funds with regards to the foregoing account, provided that they stay in Russia for less than 183 days.

It will be prescribed in the new draft lawthat all Russian citizens will be considered currency residents. Now the Russians, who have temporarily or permanently lived abroad for at least a year and during this period did not visit the territory of the Russian Federation, are not currency residents.

Previous version of the draft law proposed to relax the control over foreign banking operations of citizens who live in Russia for not more than 3 months.

You can specify more detailed information on possible changes in the Law on Currency Regulationwith our lawyers during personal consultation or by call.