The new Federal Law No. 265-FZ dated 2 August 2019 (the
"Law 265-FZ") provides for notable changes in the Russian
currency control legislation. The changes include exemptions from
repatriation obligations, reporting on accounts opened with foreign
non-banking organisations and the less restrictive regime of use of
foreign accounts by Russian residents.
Exemption from Repatriation Obligations
One of the changes provided for by Law 265-FZ is the exemption
from the repatriation rules for cross-border trade contracts on
supply of goods, provision of works, services, intellectual
property or information from Russian residents to non-residents.
The exemption comes into effect on 1 January 2020 and applies to
rouble payments only.
