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Russian Currency Control Rules


Private Wealth

Less and Less...


In August and December 2019, Russia passed legislation introducing further currency control liberalization. While Russian residents still must inform their tax authorities about the existence of personal accounts in foreign banks (and, newly, “other” financial institutions, such as brokers), they are now allowed to receive any funds from non-residents on accounts located (i) in the Eurasian Economic Union (EAEU) or (ii) in Russia’s AEOI partner states. In fact, the Automatic Exchange of Information (AEOI) gives Russia indirect access to its residents’ foreign bank accounts, making currency control look redundant.


New Freedoms for Russian Currency Residents


More transactions allowed on foreign accounts: Retroactively, starting from 01.01.2018, Russian residents are allowed to receive any funds derived from non-residents on their personal bank accounts located in AEOI partner states such as repayments of loans and (fiduciary) deposits, sale of securities (bonds, shares, etc.) distributions of dividends, interest and coupon payments, sale of precious metals.


Potentially less account movements to report: Russian residents no longer need to report movements on personal accounts (i) located the Eurasian Economic Union or (ii) located in one of Russia’s AEOI partner states AND (iii) not exceeding a turnover, or year-end balance, of RUB 600,000 ($8,000).


Transfers to foreign individual entrepreneurs allowed: Traditionally, Russian residents were not allowed to conduct foreign currency transactions among themselves. Henceforth, Russian residents are allowed to transfer funds to foreign individual entrepreneurs spending less than 183 days in Russia ("special residents") under contracts regarding the transfer of goods, IP rights, or services. The Federal Tax Service (FTS) may request the individual entrepreneur’s founding documents.


No more repatriation requirements for Russian companies under foreign roubles-denominated trade contracts (not including, however, loans to non-residents): Russian companies were traditionally subject to stringent repatriation requirements under foreign trade contracts ("passport zdelki"). Starting from 01.01.2020, Russian exporters of goods, services, and IP rights are exempted from repatriating funds under roubles denominated (and settled) contracts. Exporters of commodities (coal, ore, minerals, oil, gas, precious metals) are exempted from repatriating a growing percentage of a contract’s value (2020: 10% / 2021: 30% / 2022: 50% / 2023: 70% / 2024: 100%).


New Obligations for Russian Currency Residents


Starting from 1 January 2020, Russian currency residents (that is, companies organized under Russian law, individuals holding Russian passports or foreign nationals living in Russia under residency permits) must inform their tax authorities not only about the existence of foreign bank accounts, but also about accounts held at “other” organizations of the financial market ("IOFR") such as, for example, foreign (i) brokers (ii) depositories (iii) pension funds (iv) insurance companies.


On the positive side, CBR Directive from 24.12.2019 makes it clear that funds can be received on such accounts "in all events without limitations", that is, regardless of whether such accounts are located in the EAEU or in Russia’s AEOI partners states.


1. Notification of Foreign Bank Accounts


In accordance with Part 2 of Art. 12 and Part 10 of Art. 28 of the Federal Law of 10.12.2003 No. 173-FZ "On Currency Regulation and Currency Control", Russian residents are obliged to notify their tax authorities about the opening (or closing) of accounts (deposits), as well as about changes in account details, in banks and other financial market organizations, located abroad.


The Russian foreign account notification procedure was established by Decree No. ED-7-14 / 272 @ dated 24.04.2020.


In a nutshell, Russian residents must notify the tax authority at their place of registration within 30 days after the opening (or closing) date of a foreign account by means of the below forms:


Opening of Foreign Account


Download here the Russian Notification of foreign account opening or closing


Change of Foreign Account Details


Download here the Russian Notification of changes in foreign account details


Existence of a Foreign Account


Download here the Russian Notification of the existence of a foreign account


2. Report on Foreign Bank Account Movements


The procedure for the annual reporting on foreign bank account movements was established by the following Russian resolutions (the most recent of which was issued in April 2020):





Under Russian currency legislation, Russian individual tax residents must submit a yearly report on the movement of funds on their foreign bank accounts by June 1 of the year following the reporting year.


In the event a foreign bank account was closed during the reporting year, a report must be submitted for the period from January 1 of the reporting year (or from account opening date) up to the account closing date which must include an account closing notification to be submitted within 30 days after the account closing date.


Download here the official form for Russian foreign bank account movements reporting in Excel format (KND 1112520) and in PDF format (KND 1112520).


Formal Submission Rules for Foreign Account Movements (in effect since 2021)


  • The report is submitted for the period from January 1 to December 31 of the reporting year.


  • For each account opened in a bank or other financial market organization located outside the territory of the Russian Federation, a separate submission must be filed with the corresponding number of sheets No. 2 (which includes information about the foreign bank and the account number), in addition to the respective supporting documents (that is, bank statements).


  • For multicurrency accounts, the number of sheets No. 4 - 5 filed as part of the submission must correspond to the number of account currencies.


  • In the case of joint accounts, a report must be submitted by each account holder who is a Russian resident.


  • The report on foreign account movements can be submitted either (i) electronically through the taxpayer's personal account or (ii) on paper directly by the taxpayer or a representative or (iii) by registered mail with acknowledgement of receipt.


  • Reports submitted directly by the taxpayer or a representative, or sent by registered mail with acknowledgement of receipt, must be submitted (sent) in 2 copies.


  • In the case of submission of a report on paper, one copy with the tax authority's stamp receipt is returned to the taxpayer or his representative on submission day or sent by registered mail with acknowledgment of receipt within 5 working days. The second copy of the report remains with the tax authority.


  • The tax authorities of the Russian Federation have the right to request supporting documents and information related to the execution of currency transactions, in addition to the opening and maintenance of foreign accounts.


  • Supporting bank documents include "statements or other documents issued by banks or other financial market organizations in accordance with the laws of the state in which the bank or other financial market organization is registered". Foreign account statements must be submitted on paper in original or in the form of a duly certified copy or in electronic form.


  • Supporting documents must be submitted in the same form in which the original report is submitted. In other words, the submission of a report and supporting documents in different forms (for example one on paper and one in electronic form) is not allowed.


  • Documents written in a foreign language must be accompanied by a translation into Russian which must be duly certified in accordance with the requirements of the legislation of the Russian Federation. At the request of the tax authorities, a notarized translation into Russian must be provided.


  • If the tax authority detects incorrect information, incomplete completion of the report, as well as failure to submit supporting documents, or the submission of supporting documents in undue form, the tax authority notifies the taxpayer in writing within 5 working days from the date of receipt of the need to submit a corrected report. The relevant (corrected) documents must be submitted to the tax authority within 10 working days from the date of receipt of the notification.


Filing Deadlines for Private Wealth Clients with Foreign Bank Accounts / Foreign Structures


Foreign Personal Bank Account


Opening / closing of account: after 1 month


Account movements: before 1 June


Foreign Structure


Participation in CFC: after 3 months


CFC profits filing: until 30 April

Contact a Russian private wealth advisor