In 2018 a number of changes were made to the Russian Civil Code,
facilitating certain transactional aspects. This includes rules on
loans made available under agreements governed by Russian law, bank
accounts, escrow arrangements, etc. and evidences the continued
endeavour to make transaction-related rules more
business-friendly.
Changes were also made to the Russian currency control laws.
Rules for mandatory repatriation were tightened by extending them
to loans. Additional requirements for contracts with non-residents
were introduced. The so-called "transaction
passport" was replaced with a registration of contracts,
however, not resulting in easing the administrative burden for bank
customers in connection with cross-border payments.
