Cancellation of the obligation to repatriate proceeds in foreign currency for non-primary non-energy exports

The President of the Russian Federation signed the Federal Law “On Amendments to Federal Law No. 173-FZ “On Currency Regulation and Currency Control”. The bottom line is that for non-primary non-energy exports, the obligation for residents to repatriate proceeds in foreign currency to their accounts in authorized banks (previously only in roubles) has been cancelled. It is possible to transfer export foreign currency earnings to the accounts of exporters opened in banks outside the territory of the Russian Federation.

The provisions of paragraph 5 of Article 12, paragraph 8 of Article 19 of Federal Law No. 173-FZ have been in action since 01.07.2021.

At the same time, exporters must:

• indicate in foreign trade agreements (contracts) all the data provided for by Federal Law No. 173-FZ;
• report to the authorized bank all the necessary information even when the proceeds are credited to an account abroad.