General information

Currency control is a mandatory process aimed at monitoring whether the transactions of Foreign Economic Activity participants comply with the currency laws of the Russian Federation.

The list of documents for currency control and the resident's actions depend on the contract amount:

• if the contract amount is up to 1 million rubles, the bank must be provided with information on the code of the foreign exchange transaction type;
• if the contract amount exceeds 3 million rubles (for import contracts and loan agreements) or 10 million rubles (for export contracts), the bank must be provided with the contract and then documents confirming the performance of obligations.

The resident is required to independently monitor the repatriation of foreign currency proceeds and provide information to the bank in a timely manner.

The supporting documents certificate for currency control (SDC) is an accounting form submitted by resident companies to the bank under contracts concluded with non-residents (foreign partners).

Visually, the SDC is a form that specifies the list of documents confirming the performance of obligations under a contract registered with the bank.

Such documents may include: certificates of completed work, waybills, invoice, bill, VAT invoice, bill of lading, insurance policy, and others.

The supporting documents certificate should be submitted in the following cases:

• import or export of goods outside the customs territory of the Russian Federation,
• performance of work or provision of services,
• assignment of the right of claim, transfer of debt to another person,
• change of the currency of the loan agreement,
• change in the amount of obligations under the loan agreement.

The deadline depends on the type of supporting document. Detailed information can be obtained from your personal currency control specialist or by requesting a callback for a consultation on Foreign Economic Activity matters

To transfer a contract from one bank to another, you must submit to the servicing bank an application for deregistration of the contract under clause 6.1.1 of Instruction No. 181-I. Then submit to the new bank an application for registration of the contract, attaching a copy of the contract and, if necessary, other documents. The exact list of documents for each specific case should be уточнять with the foreign exchange control specialist.

Residents have no obligation to identify incoming payments in Russian rubles if the Contract is not registered with an authorized bank. However, The bank has the right to request documents related to any foreign exchange transaction.

According to The bank's Tariff Schedule, a fee for FAWC is charged when the Client identifies incoming funds in foreign currency or the currency of the Russian Federation.

With regard to incoming payments in the currency of the Russian Federation, identification by the Client means the Client's provision of information on the foreign exchange transaction or documents related to the foreign exchange transaction. 

Please note that Residents have no obligation to identify incoming payments in rubles if the contract is not registered with The bank. However, The bank has the right to request documents regarding any foreign exchange transaction.

When registering a Contract (Loan Agreement), it is necessary to submit to The bank, simultaneously with a copy of the Contract (Loan Agreement), an Application for registration in which the date of completion of obligations under the Contract (Loan Agreement) must be specified. This date may be calculated based on the provisions of the Contract, as well as taking into account the established practice of settlements and performance of obligations.

According to Clause 5.7.4 of Bank of Russia Instruction No. 181-I, a Resident must register a Contract (Credit Agreement) without specifying the total amount of obligations within the following timeframes:

1. Upon debiting foreign currency or the currency of the Russian Federation under the contract (credit agreement), as well as upon crediting foreign currency or the currency of the Russian Federation from a non-resident, no later than the deadline for the resident to submit documents related to the execution of transactions, when carrying out the transaction as a result of which the amount of settlements under the import contract (credit agreement) will be equal to or exceed the equivalent of RUB 3 million, and under the export contract will be equal to or exceed the equivalent of RUB 10 million. 

2. No later than the date of filing the goods declaration or the document used as a goods declaration, as a result of which the value of goods under the import contract will be equal to or exceed the equivalent of RUB 3 million (under the export contract, it will be equal to or exceed the equivalent of RUB 10 million). 

3. When obligations under the contract (credit agreement) are fulfilled by methods other than those specified above, no later than the deadline for submitting the statement of supporting documents in connection with the fulfillment of obligations under the contract (credit agreement) in an amount equal to or exceeding the equivalent of RUB 3 million under the import contract (credit agreement) or equal to or exceeding the equivalent of RUB 10 million under the export contract. 

According to Clause 5.7.4 of Bank of Russia Instruction No. 181-I, a Resident must register a Contract (Loan Agreement) without specifying the total amount of obligations within the following timeframes:

1. When foreign currency or the currency of the Russian Federation is debited under a contract (loan agreement), as well as when foreign currency or the currency of the Russian Federation is credited from a non-resident - no later than the deadline for the resident to submit documents related to the execution of transactions, during the transaction as a result of which the settlement amount under the import contract (loan agreement) will be equal to or exceed the equivalent of 3 million rubles, and under the export contract will be equal to or exceed the equivalent of 10 million rubles. 

2. No later than the date of submission of the goods declaration, or the document used as a goods declaration, as a result of which the value of the goods under the import contract will be equal to or exceed the equivalent of 3 million rubles (under the export contract, it will be equal to or exceed the equivalent of 10 million rubles). 

3. When obligations under a contract (loan agreement) are fulfilled by methods other than those specified above – no later than the deadline for submitting the statement of supporting documents in connection with the fulfillment of obligations under the contract (loan agreement) in an amount equal to or exceeding the equivalent of 3 million rubles under the import contract (loan agreement), or equal to or exceeding the equivalent of 10 million rubles under the export contract. 

You need to provide an addendum on changing the settlement currency, indicating the exchange rate for recalculating the payment currency into the contract price currency. If there is no addendum, the payment amount will be recalculated into the contract currency at the Central Bank exchange rate on the date of the transaction (unless a different recalculation procedure is established by the terms of the contract). When making the payment, you will need to provide information on the foreign exchange transaction indicating the amount in the contract currency.

Yes, the Uralsib Business Online system has a control deadline by which the Client must submit a Statement of Supporting Documents for the goods declaration (statistical form) under the contract registered with the bank.

A fixed-date forward allows you to lock in the exchange rate for the purchase/sale of currency for a specific date and amount.

An open-date forward allows you to lock in the current market exchange rate, currency amount, contract term, and interest rate. The purchase/sale of currency at the fixed rate is possible on any day until the forward expiry date.

An option is a contract with strictly defined terms that gives the buyer the right, but not the obligation, to buy or sell currency at a specified price on a specified date in the future. Types of options:

1. A Call option gives the buyer the right (but not the obligation) to buy currency at a preselected exchange rate on the option expiration date.
2. A Put option gives the buyer the right (but not the obligation) to sell currency at a preselected exchange rate on the option expiration date.
   

A currency swap is a combination of two opposite foreign exchange conversion transactions for the same amount on different dates. For example, first there is a currency purchase and then its sale, or vice versa. The settlement date of the first transaction is the value date, and the settlement date of the second reverse transaction is the swap maturity date.

For consultations on foreign currency payments and Foreign Economic Activity exchange control, please contact:

consultant_ved@uralsib.ru

For consultations on currency conversion and hedging of foreign exchange risks, please contact:

8 495 788 61 98

8 495 785 12 12 (ext. 054 7373)

currency@uralsib.ru

No, we can deliver cargo by any mode of transport (air, sea, road, rail, multimodal).

No, delivery of any types of cargo is possible.

Yes, we can provide an analysis of launching a product into the market for any country.

Yes, there are no country restrictions.