How currency legal relations are organized in the Russian Federation in 2021 - 2022
Legal regulation of currency transactions in the Russian Federation is carried out according to the scheme presented in Figure 1:
As can be seen from the diagram, participants in currency relations - subjects can carry out certain operations with currency values - objects and at the same time acquire rights and obligations determined by the legislation of the Russian Federation in the field of currency regulation and control.
Find out more about the specifics of currency values here.
Currency operations
Within the framework of currency regulation, the following currency transactions are possible:
- acquisition by a resident from a resident and, accordingly, alienation by a resident in favor of a resident of currency values on a legal basis, including the use of these values as a means of payment;
- acquisition by a resident from a non-resident or by a non-resident from a resident and, accordingly, alienation by one in favor of another of currency values, the currency of the Russian Federation and domestic securities on a legal basis, including the use of these values as a means of payment;
- acquisition by a non-resident from a non-resident and, accordingly, alienation by a non-resident in favor of a non-resident of currency values, the currency of the Russian Federation and domestic securities on a legal basis, including the use of these values as a means of payment;
- import into the customs territory of the Russian Federation and export from it of currency valuables, Russian currency and domestic securities;
- transfer of foreign currency, currency of the Russian Federation, domestic and foreign securities from an account opened outside the Russian Federation to accounts of the same person opened in the territory of the Russian Federation or to accounts opened outside the territory of the Russian Federation;
- transfer by a non-resident of Russian currency, domestic and foreign securities from an account opened on the territory of the Russian Federation to the account of the same person opened on the territory of the Russian Federation;
- transfer of the currency of the Russian Federation from a resident’s account opened outside the territory of the Russian Federation to the account of another resident opened on the territory of the Russian Federation, and from a resident’s account opened on the territory of the Russian Federation to the account of another resident opened outside the territory of the Russian Federation;
- transfer of the currency of the Russian Federation from a resident’s account opened outside the territory of the Russian Federation to the account of another resident opened outside the territory of the Russian Federation;
- transfer of the currency of the Russian Federation from a resident’s account opened outside the territory of the Russian Federation to the account of the same resident opened outside the territory of the Russian Federation.
Legal regulation of which currency transactions is provided for in the legislation
Essentially, all operations with the objects presented in Figure 1 are regulated. At the same time, the nuances of regulatory standards may depend on what type of operation is being performed: outgoing or incoming transfer, transfer of property rights to currency values, etc.
The types of transactions regulated under the currency legislation of the Russian Federation in 2021 are clearly presented in Figure 2:
What are currency control authorities?
Regulation and control of currency transactions are carried out in the Russian Federation at several levels. At the first level are the Government of the Russian Federation and the Bank of Russia. It is these bodies that are legislative and issue regulations at the national level. At lower levels in the general scheme of control over regulations in the field of operations with currency assets are structures controlled by the Government of the Russian Federation associated with the movement of funds and assets denominated in currency. The Bank of Russia is in charge of currency control agents - banking and similar structures that directly service the circulation of currencies and currency values. However, in practice, structures at lower levels, accountable to the government or the Central Bank, can interact with each other and influence the process of control and regulation.
The currency control system is presented in more detail in Figure 3:
IMPORTANT! The above scheme may change periodically in accordance with adjustments to legal provisions.
Federal Law of December 10, 2003 No. 173-FZ “On Currency Regulation and Currency Control”
Resident legal entities may, without using bank accounts in authorized banks, make settlements with non-residents in cash foreign currency and the currency of the Russian Federation for servicing aircraft of foreign states at airports, ships of foreign states in river and sea ports, as well as when non-residents pay for air navigation, airport and port dues on the territory of the Russian Federation.
(paragraph introduced by Federal Law dated July 18, 2005 N 90-FZ; as amended by Federal Law dated December 30, 2006 N 267-FZ)
Resident legal entities may, without using bank accounts in authorized banks, make settlements in cash foreign currency and cash currency of the Russian Federation with non-residents for servicing aircraft of such legal entities at airports of foreign states, ships of such legal entities in river and sea ports of foreign states, other vehicles of such legal entities while they are in the territories of foreign states, as well as when such legal entities pay air navigation, airport, port dues and other mandatory fees on the territories of foreign states related to ensuring the activities of such legal entities.
(paragraph introduced by Federal Law of December 30, 2006 N 267-FZ)
Resident legal entities can carry out, without using bank accounts in authorized banks, settlements in foreign currency and the currency of the Russian Federation with resident individuals located outside the territory of the Russian Federation, as well as branches, representative offices and other divisions of legal entities created in accordance with the legislation of the Russian Federation. Federation, and non-resident individuals under contracts for the carriage of passengers, as well as settlements in foreign currency and the currency of the Russian Federation with resident individuals located outside the territory of the Russian Federation and non-resident individuals under contracts for the carriage of goods transported by individuals for personal, family , household and other needs not related to business activities.
(paragraph introduced by Federal Law of December 30, 2006 N 267-FZ)
Diplomatic missions, consular offices of the Russian Federation, permanent missions of the Russian Federation to international (interstate, intergovernmental) organizations, other official missions of the Russian Federation and representative offices of federal executive authorities located outside the territory of the Russian Federation can make payments without using bank accounts in authorized banks in cash foreign currency transferred in accordance with clause 18 of part 1 of article 9 of this Federal Law, with representatives or employees of representative offices specified in clause 18 of part 1 of article 9 of this Federal Law of federal executive authorities and organizations.
(paragraph introduced by Federal Law dated July 22, 2008 N 150-FZ; as amended by Federal Law dated December 28, 2017 N 427-FZ)
Resident legal entities may, without using bank accounts in authorized banks, make settlements in cash foreign currency with resident individuals located outside the territory of the Russian Federation for transactions in accordance with Part 6.1 of Article 12 of this Federal Law.
(paragraph introduced by Federal Law dated July 22, 2008 N 150-FZ)
Russian state educational organizations of higher education and their branches located outside the territory of the Russian Federation may carry out settlements in foreign currency and the currency of the Russian Federation with non-resident individuals, as well as with resident individuals, without the use of bank accounts in authorized banks, duration of stay which outside the territory of the Russian Federation during a calendar year will total more than 183 days, under educational agreements concluded between these persons, providing for the provision of educational services outside the territory of the Russian Federation.
(paragraph introduced by Federal Law dated 02.08.2019 N 265-FZ)
Resident legal entities can carry out operations with cash foreign currency without using bank accounts in authorized banks when paying and (or) reimbursing expenses of individuals associated with business trips outside the territory of the Russian Federation, as well as when repaying unspent advances issued by such legal entities — residents in connection with business trips outside the territory of the Russian Federation.
(paragraph introduced by Federal Law dated December 2, 2019 N 398-FZ)
Residents who are participants in the budget process at the federal level, federal state budgetary (autonomous) institutions, federal state unitary enterprises, whose personal accounts, in accordance with the budgetary legislation of the Russian Federation, are opened with the federal executive body authorized to carry out enforcement actions in accordance with the legislation of the Russian Federation functions to ensure the execution of the federal budget, treasury services for the execution of budgets of the budget system of the Russian Federation, can carry out operations related to the deposit (receipt) of cash foreign currency into the accounts (from the accounts) of such a federal executive body, opened (opened) in authorized banks.
(paragraph introduced by Federal Law dated December 2, 2019 N 398-FZ; as amended by Federal Law dated February 24, 2021 N 20-FZ)
Unless otherwise provided by the legislation of the Russian Federation, resident legal entities that are participants in international exhibitions held in a state or territory that are members of the Organization for Economic Co-operation and Development (OECD) or the Financial Action Task Force (FATF) may carry out, without using bank accounts in authorized banks, settlements with non-residents and resident individuals in cash in foreign currency and (or) the currency of the Russian Federation for exhibition samples of jewelry purchased from such resident legal entities at the venue of an international exhibition if the indicated sold exhibition samples are classified in commodity positions 7113, 7114, 7116 - 7118 of the unified Commodity Nomenclature for Foreign Economic Activity of the Eurasian Economic Union.
(paragraph introduced by Federal Law dated June 28, 2021 N 224-FZ)
Cash received in accordance with paragraph twelve of this part is subject to import into the Russian Federation at the end of the period for holding an international exhibition in a state or territory that is a member of the Organization for Economic Co-operation and Development (OECD) or the Financial Action Task Force on Money Laundering (FATF), but no later than thirty working days from the date of payment for the corresponding exhibition sample of jewelry in compliance with the requirements of the EAEU law and the legislation of the Russian Federation on customs regulation and subsequent crediting to a bank account in an authorized bank of a resident legal entity that is a participant in such an international exhibition, no later than seven working days from the date of import of cash into the Russian Federation.
(paragraph introduced by Federal Law dated June 28, 2021 N 224-FZ)
Resident legal entities participating in international exhibitions held in a state or territory that are members of the Organization for Economic Co-operation and Development (OECD) or the Financial Action Task Force (FATF), when credited to their bank account at an authorized bank cash specified in paragraph thirteen of this part are submitted to the authorized bank in the manner prescribed by Part 3 of Article 23 of this Federal Law, information on declarations for goods filed in relation to exhibition samples of jewelry when they are placed under the customs procedure of temporary export, customs the export procedure (in the case of their sale at an international exhibition), as well as information on declarations of goods submitted in relation to cash received from the sale of exhibition samples of jewelry at an international exhibition and imported into the Russian Federation.
(paragraph introduced by Federal Law dated June 28, 2021 N 224-FZ)
3. Settlements when carrying out currency transactions are made by resident individuals through bank accounts in authorized banks, the procedure for opening and maintaining which is established by the Central Bank of the Russian Federation, with the exception of the following currency transactions carried out in accordance with this Federal Law:
1) transfer by a resident individual of currency assets as a gift to the Russian Federation, a constituent entity of the Russian Federation and (or) a municipal entity;
2) donations of currency values to the spouse and close relatives;
3) bequeathing currency values or receiving them by right of inheritance or as a beneficiary of an inheritance fund (Article 123.20-3 of the Civil Code of the Russian Federation);
(as amended by Federal Law dated May 23, 2018 N 117-FZ)
4) acquisition and alienation by a resident individual for the purpose of collecting single banknotes and coins;
5) a transfer by a resident individual from the Russian Federation and receipt in the Russian Federation by a resident individual of the transfer without opening bank accounts, carried out in the manner established by the Central Bank of the Russian Federation, which may only provide for a limitation on the amount of the transfer, as well as a postal transfer;
(as amended by Federal Law dated July 18, 2005 N 90-FZ)
6) purchase from an authorized bank or sale to an authorized bank by an individual resident of cash foreign currency, exchange, replacement of banknotes of a foreign state (group of foreign states), as well as acceptance of cash foreign currency for collection to banks outside the territory of the Russian Federation;
7) settlements of resident individuals in foreign currency in duty-free shops, as well as when selling goods and providing services to resident individuals along the route of vehicles during international transport;
(Clause 7 introduced by Federal Law dated July 18, 2005 N 90-FZ)
settlements carried out by resident individuals in accordance with Part 6.1 of Article 12 of this Federal Law;
(Clause 8 was introduced by Federal Law dated December 30, 2006 N 267-FZ, as amended by Federal Law dated July 22, 2008 N 150-FZ)
9) transfer without opening a bank account by a resident individual in favor of a non-resident on the territory of the Russian Federation, receipt by a resident individual of a transfer without opening a bank account on the territory of the Russian Federation from a non-resident, carried out in accordance with the procedure established by the Central Bank of the Russian Federation, which may accordingly provide only limiting the amount of the transfer and the amount of receiving the transfer.
(Clause 9 introduced by Federal Law dated June 27, 2011 N 162-FZ)
10) receipt by resident individuals of cash foreign currency upon payment and (or) reimbursement by resident legal entities of expenses associated with business trips outside the territory of the Russian Federation, as well as repayment by such resident individuals to resident legal entities of unspent advances issued in connections with business trips outside the territory of the Russian Federation.
(Clause 10 introduced by Federal Law dated December 2, 2019 N 398-FZ)
Results
Law on Currency Control and Regulation No. 173-FZ is part of the state system of regulation and control of legal relations in the currency field. The purpose of the law is to establish the basic patterns and aspects of the relationship between participants in foreign exchange transactions. In addition, the law contains most of the definitions and concepts that appear in other regulations related to the currency legislation of the Russian Federation.
Based on the provisions of Law No. 173-FZ, regulatory authorities carry out currency control in relation to transactions carried out by individuals and legal entities.
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How is currency control carried out?
To organize currency control, an employee of a financial organization will request from the organization all the necessary information about the transaction in electronic form. To do this, you need to prepare the following set of documents:
- a certificate of currency transactions (debits or receipts of funds) in any form;
- contract with a unique contract number;
- if the contract is concluded for an amount less than 200,000 rubles, then the simplified verification rule applies and scanned documents are not required;
- if during the process of drawing up the agreement the parties made mistakes or provided incomplete information, the bank must inform both counterparties about this.
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