What contract amount limits apply under currency control?

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.