Changes in sanctions

1.       Sale of foreign currency earnings by residents-participants of foreign economic activities

Obligatory amount of foreign currency earnings for sale: before - 80% to 50%; now - will be established by the Government Commission for Monitoring the Implementation of Foreign Investments in the Russian Federation

The sale period of credited foreign currency earnings: before - 60 to 120 days; now - Will be established by the Board of Directors of the Central Bank of the Russian Federation

2.       Moratorium on the compliance with the currency legislation

Tax authorities are prohibited from carrying out inspections of compliance with the requirements of currency legislation

·       ongoing inspections, where violations have already been identified. the statute of limitations for which expires before December 31, 2022
·       violations of regulations establishing special economic measures in connection with unfriendly actions of foreign states
·       violations related to the purchase and sale of foreign currency, currency transactions between residents without using bank accounts in authorized banks in cash
The validity period: June 1, 2022 - December 31, 2022

3.       Individual's money transfers abroad

Transfer limit: before - 50 thousand US dollars or equivalent in another foreign currency; now - 150 thousand US dollars or equivalent in another foreign currency

Status: Resident or non-resident from a friendly country

The frequency of transfers: within 1 month

The duration of restrictions: until September 30, 2022