Any receipts from non-residents may be credited to residents’ foreign accounts and e-wallets; individuals repatriate loan repayments

What it says⧉

The restrictions in Article 12 of Law No. 173-FZ on crediting funds to residents’ foreign accounts and foreign electronic means of payment apply subject to the exemptions in Decrees No. 79, No. 430 and No. 529. As a result, funds from non-residents may now be credited there on any grounds — export proceeds, refund of an import advance, loan repayment. Where a non-resident repays a loan to a resident individual abroad, the individual must ensure repatriation to an account with an authorised bank (Article 19 of Law No. 173-FZ; notes 7, 9 and 10 to Article 15.25 of the Code of Administrative Offences).

Status, October 2026⧉

In force (navigator cards 1.11–1.14, 6.3, 6.6, 6.7). Not to be confused with Clarification No. 4-OR of 16 April 2022.

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” and paragraph 7 of Decree of the President of the Russian Federation No. 430 of 5 July 2022 “On the Repatriation of Foreign Currency and the Currency of the Russian Federation by Residents Engaged in Foreign Economic Activity” (“Decree No. 430”), 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”) and Decree No. 430.

The provisions of parts 4, 5, 5¹ and 5² of Article 12 of Federal Law No. 173-FZ of 10 December 2003 “On Currency Regulation and Currency Control” (“Federal Law No. 173-FZ”) restricting, in certain cases, the crediting of funds to residents’ foreign accounts and their foreign electronic means of payment apply taking into account the exemptions and restrictions provided for by Decree No. 79, Decree No. 430 and subparagraph “b” of paragraph 4 of Decree of the President of the Russian Federation No. 529 of 8 August 2022 “On the Temporary Procedure for Performing Obligations under Bank Account (Deposit) Agreements Denominated in Foreign Currency and Obligations under Bonds Issued by Foreign Organisations”, in their systemic interrelation.

Accordingly, it is currently possible to credit to foreign electronic means of payment provided to residents, and to residents’ foreign accounts, funds received from non-residents on any grounds, including proceeds under export contracts, refund of an advance payment under an import contract or repayment of a loan. When funds due to a resident individual from a non-resident under the terms of a loan agreement are credited to foreign electronic means of payment provided to resident individuals or to their foreign accounts, such resident individuals shall, in order to comply with the repatriation requirement established by Article 19 of Federal Law No. 173-FZ, ensure that those funds are received in their bank accounts with authorised banks, taking into account notes 7, 9 and 10 to Article 15.25 of the Code of Administrative Offences of the Russian Federation.

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⧉