Introduction or special economic measures in response to sanctions

28.02.2022 a Presidential Decree on the application of special economic measures was issued, according to which:

o   Russian companies and individuals - exporters of goods and services should sell 80 percent of the amount of foreign currency credited, starting from 01.01.2022, to accounts on the basis of contracts on sale of goods and services to non-residents.

The sale period for funds received from 01.01.2022: 3 working days from the entry into force of the Decree (until 02.03.2022 inclusive).

The sale period from 28.02.2022: 3 working days from the date of crediting foreign currency to the account.

Please note that this provision applies to exporters of goods and services only (suppliers and contractors under foreign economic contracts with non-residents).

o   In addition, we draw your attention that from 01.03.2022 Russian companies and individuals will not be able:

- to credit foreign currency to their accounts and deposits that have been opened in foreign banks;
- to make money transfers (without opening a bank account) to foreign payment service providers using electronic means of payment;
- to transfer foreign currency to non-residents under loan agreements.

These restrictions do not apply to currency transfers by Russian companies and individuals to non-residents' accounts (except for transfers under loan agreements and the use of electronic means of payment).

Thus, Russian companies and individuals can still:

- pay for goods, works, services provided by counterparties - non-residents;
- pay dividends and distribute profits in favor of foreign participants (shareholders);
- perform other operations that are not subject to the restrictions provided for in the Decree.