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Key Issues:
- Amendments to the Russian currency control law have been passed that introduce changes with effect from 1 July 2006. The changes are in line with the government’s movement towards accelerated liberalization of the foreign exchange control regime, i.e., many of the changes are those which initially were scheduled to come into force starting from 1 January 2007.
- The deposit requirement for currency transactions in amounts exceeding USD 150, 000 per annum has been abolished.
- From 1 January 2007 the USD 150,000 restriction on transactions with foreign securities by Russian residents and the concept of a requirement to use special accounts will be abolished in total.
- From 1 January 2007, preliminary registration of accounts in banks in non-FATF and non-OECD countries will no longer apply. These accounts will be subject to notification requirements only.
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