When authorised banks and VEB.RF may export cash foreign currency above USD 10,000 and how the Bank of Russia permits it
Under Decree No. 737 the Board of Directors set, from 21 November 2022, the cases in which authorised banks and VEB.RF may export foreign banknotes above the limit of Decree No. 81 — with or without a separate permit — and the application procedure.
What it says
The decision concerns exports of cash foreign currency by authorised banks and VEB.RF above the limit of subparagraph “zh” of paragraph 1 of Decree No. 81 (USD 10,000 equivalent). Banks may export banknotes withdrawn from circulation, damaged banknotes and, in other cases not linked to foreign-trade settlements or loans, foreign cash. Withdrawn banknotes may go without a separate permit (with a 5-day notice) if banknotes of equal value are brought back; other exports need a Bank of Russia permit applied for at least 20 business days in advance. It does not govern cash carried by individuals.
Status, October 2026
In force (navigator card 9.1). The forms annexed to the decision (notice, application) are not reproduced here.
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.
DECISION OF THE BOARD OF DIRECTORS OF THE BANK OF RUSSIA
on the cases and procedure for issuing permits under paragraph 6 of Decree of the President of the Russian Federation No. 737 of 15 October 2022 “On Certain Issues of Carrying Out (Performing) Certain Types of Transactions (Operations)”
14 November 2022
The Board of Directors of the Bank of Russia on 14 November 2022 decided:
In accordance with paragraph 6 of Decree of the President of the Russian Federation No. 737 of 15 October 2022 “On Certain Issues of Carrying Out (Performing) Certain Types of Transactions (Operations)” (“Decree No. 737”), the Board of Directors of the Bank of Russia establishes, from 21 November 2022, the following cases and procedure for issuing permits for the export from the Russian Federation of cash foreign currency and/or monetary instruments in foreign currency in an amount exceeding the amount set by subparagraph “zh” of paragraph 1 of Decree of the President of the Russian Federation No. 81 of 1 March 2022 “On Additional Temporary Economic Measures to Ensure the Financial Stability of the Russian Federation”.
Paragraph 1
1. Authorised banks and the state development corporation VEB.RF (“VEB.RF”) may export from the Russian Federation banknotes, treasury notes and coins of foreign states (groups of foreign states) (respectively, “banknotes of foreign states” and “foreign states”):
#1) that have been declared by the issuer of the relevant foreign state to be withdrawn from circulation, or have been withdrawn from circulation by the issuer, and that are accepted for exchange in the territory of the foreign state;
#2) that are damaged and subject to exchange under the issuers’ terms for the acceptance and exchange of damaged banknotes;
#3) in other cases not related to settlements in currency operations within foreign-trade activity and/or to the provision and repayment of loans.
Paragraph 2
2. On the basis of this decision, without the authorised bank or VEB.RF obtaining a separate permit of the Bank of Russia for the export of cash foreign currency from the Russian Federation, in the case established in subparagraph 1 of paragraph 1 of this decision, the following may be exported from the Russian Federation:
#1) banknotes of foreign states included in the list of foreign states and territories that commit unfriendly actions against the Russian Federation, Russian legal entities and individuals, approved by the Government of the Russian Federation on the basis of paragraph 14 of Decree No. 95 of 5 March 2022 (“unfriendly foreign states”), provided that banknotes of unfriendly foreign states of equal value, obtained by exchanging the exported banknotes of unfriendly foreign states, are brought back into the Russian Federation, less the costs of export and import and/or the commission paid, and/or less the discount on such exchange in the amount confirmed by the relevant contract;
#2) banknotes of foreign states that are not unfriendly foreign states (“friendly foreign states”), provided that banknotes of friendly and/or unfriendly foreign states of equal value are brought back into the Russian Federation, less the costs of export and import and/or the commission paid, and/or less the discount on such exchange in the amount confirmed by the relevant contract.
Paragraph 3
3. For the export of banknotes of foreign states in the cases established in paragraph 2 of this decision, the authorised bank or VEB.RF shall submit to the Bank of Russia, not later than 5 business days before the planned day of export, a notice in the form set out in Annex 1 to this decision (the “notice”).
Paragraph 4
4. On the basis of a separate permit for the export of cash foreign currency from the Russian Federation issued by the Bank of Russia, the authorised bank or VEB.RF exports:
#1) banknotes of foreign states declared by the issuer of the relevant foreign state to be withdrawn from circulation, or withdrawn from circulation by the issuer, that are accepted for exchange in the territory of the foreign state, in cases other than those established in subparagraphs 1 and 2 of paragraph 2 of this decision;
#2) banknotes of foreign states in the cases provided for in subparagraphs 2 and 3 of paragraph 1 of this decision.
Paragraph 5
5. A separate permit for the export of cash foreign currency from the Russian Federation in the case provided for by subparagraph 3 of paragraph 1 of this decision may be issued by the Bank of Russia to the authorised bank or VEB.RF provided that banknotes of foreign states of equal value are brought back into the Russian Federation, less the costs confirmed by the relevant contract(s).
Paragraph 6
6. To obtain the permit for the export of cash foreign currency provided for by paragraph 4 of this decision, the authorised bank or VEB.RF applies to the Bank of Russia with an application for a permit for the export of cash foreign currency from the Russian Federation in the form set out in Annex 2 to this decision (the “application”).
To obtain a permit for the export of cash foreign currency in the case provided for in subparagraph 2 of paragraph 1 of this decision, the authorised bank or VEB.RF submits to the Bank of Russia, together with the application, an opinion describing the damage criteria established by the authorised bank or VEB.RF (taking into account the issuers’ terms for the acceptance and exchange of damaged banknotes) on the basis of which the banknotes were assessed.
To obtain a permit for the export of cash foreign currency in the case provided for in subparagraph 3 of paragraph 1 of this decision, the authorised bank or VEB.RF submits to the Bank of Russia, together with the application, information and documents (copies of documents) substantiating the need for such export.
Where banknotes of foreign states need to be exported on different grounds requiring a permit for the export of cash foreign currency, the authorised bank or VEB.RF submits to the Bank of Russia, in accordance with this paragraph, a separate application for each such case.
Paragraph 7
7. The authorised bank or VEB.RF submits the application to the Bank of Russia not later than 20 business days before the planned day of export of the banknotes of foreign states.
Paragraph 8
8. The Bank of Russia may request from the authorised bank or VEB.RF information and/or documents (copies of documents) necessary for its decision on the issue of a permit for the export of cash foreign currency from the Russian Federation.
Paragraph 9
9. The notice, the application, the opinion provided for in the second paragraph of paragraph 6 of this decision, and the information and documents (copies of documents) provided for in paragraphs 6 and 8 of this decision are submitted by the authorised bank or VEB.RF in electronic form, including in the form of electronic documents signed with an electronic signature.
Paragraph 10
10. The notice, the application, the opinion provided for in the second paragraph of paragraph 6 of this decision, and the information and/or documents (copies of documents) provided for in paragraph 8 of this decision are drawn up in Russian. Where the originals of documents are in a foreign language, they are submitted with a Russian translation certified by a notary or by an employee of the authorised bank or VEB.RF holding a document confirming knowledge of the relevant foreign language.
Paragraph 11
11. The information and/or documents (copies of documents) provided for in paragraph 8 of this decision are submitted by the authorised bank or VEB.RF to the Bank of Russia not later than 5 business days after the day of receipt of the request of the Bank of Russia.
Paragraph 12
12. The Bank of Russia considers the application, the opinion provided for in the second paragraph of paragraph 6 of this decision, and the information and/or documents (copies of documents) provided for in paragraph 8 of this decision submitted by the authorised bank or VEB.RF, decides to issue a permit for the export of cash foreign currency from the Russian Federation or to refuse it, and informs the authorised bank or VEB.RF of its decision.
Paragraph 13
13. The decision of the Bank of Russia to issue a permit for the export of cash foreign currency from the Russian Federation may set conditions for the permit and sets its period of validity.
Paragraph 14
14. The Bank of Russia may suspend or terminate the relevant permit for the export of cash foreign currency from the Russian Federation, notifying the authorised bank or VEB.RF of its decision not later than the business day following the day of the decision.
Paragraph 15
15. Not later than 10 business days after the day on which banknotes of foreign states obtained in accordance with paragraph 2 and/or paragraph 4 of this decision are brought back into the Russian Federation from countries that are not members of the Eurasian Economic Union (“EAEU”), the authorised bank or VEB.RF submits to the Bank of Russia, in the manner provided for in paragraph 9 of this decision, information on the date and number of the goods declarations filed in respect of the banknotes of foreign states exported from and imported into the Russian Federation.
Not later than 10 business days after the day on which banknotes of foreign states obtained in accordance with paragraph 2 and/or paragraph 4 of this decision are brought back into the Russian Federation from EAEU member countries, the authorised bank or VEB.RF submits to the Bank of Russia, in the manner provided for in paragraph 9 of this decision, copies of the shipping documents for the banknotes of foreign states exported from and imported into the Russian Federation.
Paragraph 16
16. To publish this decision in accordance with Article 7 of Federal Law No. 86-FZ of 10 July 2002 “On the Central Bank of the Russian Federation (Bank of Russia)” on the official website of the Bank of Russia on the Internet on 21 November 2022.