Roubles on foreign accounts are not caught by the Decree No. 79 ban; deductions from mandatory sale of export proceeds

What it says⧉

1.1. The ban in subparagraph “b” of paragraph 3 of Decree No. 79 on residents crediting foreign currency to their accounts with foreign banks does not apply to roubles credited to rouble accounts abroad — including their later conversion into foreign currency and crediting to the resident’s foreign-currency account there, or transfer to third parties. 1.2. In calculating the amount subject to mandatory sale under paragraph 2 of Decree No. 79, residents may deduct transport, insurance and forwarding, customs payments, bunkering and supplies for vehicles, and international telecommunications.

Status, October 2026⧉

In force (navigator cards 1.5, 1.8, 2.2). Not to be confused with Clarification No. 4-OR of 29 June 2023.

Unofficial translation⧉

Unofficial translation by BCA Unternehmensberatung UG. Only the Russian text is authoritative: Russian original on usd.bcaun.com · publication of the Bank of Russia ↗. Notes on provisions no longer applied are editorial and not part of the document.

Paragraph 1⧉

1. Guided by paragraph 13 of Decree of the President of the Russian Federation No. 95 of 5 March 2022 “On the Temporary Procedure for Performing Obligations to Certain Foreign Creditors”, the Bank of Russia clarifies the application of certain provisions of Decree of the President of the Russian Federation No. 79 of 28 February 2022 “On the Application of Special Economic Measures in Connection with the Unfriendly Actions of the United States of America and the Foreign States and International Organisations That Have Joined Them” (“Decree No. 79”).

Paragraph 1.1⧉

1.1. Subparagraph “b” of paragraph 3 of Decree No. 79 prohibits, from 1 March 2022, residents from crediting foreign currency to their accounts (deposits) opened with banks and other financial market organisations located outside the territory of the Russian Federation (“foreign banks”).

This prohibition does not apply to residents crediting funds in roubles to their rouble bank accounts (deposits) opened with foreign banks, including the subsequent conversion of roubles received on those accounts into foreign currency and its crediting to residents’ foreign-currency bank accounts (deposits) opened with foreign banks, or the subsequent transfer, on the residents’ instructions, of the foreign currency obtained from such conversion to foreign-currency bank accounts (deposits) of other persons opened with foreign banks.

Paragraph 1.2⧉

1.2. When calculating the amount of foreign currency subject to mandatory sale under paragraph 2 of Decree No. 79, residents may reduce it by the following expenses and other payments related to the performance of foreign trade contracts in foreign currency:

payment for transport, insurance and forwarding of goods;

payment of customs duties and customs fees;

payment for services related to the purchase outside the territory of the Russian Federation of fuel and lubricants (bunker fuel), food, materials and other goods needed for the operation and maintenance of vehicles of any type and purpose en route or at intermediate stops or berths, and for the repair of such vehicles;

payment for international telecommunications services, including international roaming.

Paragraph 2⧉

2. This official clarification shall be posted on the official website of the Bank of Russia on the Internet and applies from the date of its posting.

Operations that rest on it⧉