COMPANIES WILL BE RELEASED FROM CURRENCY CONTROL

Apr, 28 2017

The release from currency control is planned for exporting companies. This obligation will be transferred from companies to the banks.

At present all companies should prepare supporting documentation and transaction passport for currency transactions exceeding 50.000$.

For violation the following fines are fixed – 5000 Rubles for directors and 40.000 to 50.000 Rubles for companies.

This measure should boost the export.