Branch financing, income from non-residents to foreign accounts, transfers between own foreign accounts
One of the first general permits: residents may finance their foreign branches, resident individuals may receive wages, rent, coupons, dividends and interest from non-residents on their foreign accounts, and move money between their own foreign accounts.
What it says
Three general permits under Government Resolution No. 295, all without a time limit. Paragraph 1: residents may transfer foreign currency to their own foreign accounts to finance the current operations of their branches and representative offices, up to the amount of last year's financing. Paragraph 2: resident individuals may receive on their foreign accounts wages, rent, coupons and dividends on securities and other interest paid by non-residents. Paragraph 3: resident individuals may move foreign currency, including with conversion, from foreign accounts opened before 1 March 2022 to their other foreign accounts that have been disclosed to the Russian tax authorities.
Status, October 2026
In force. Paragraph 2 remains the basis for crediting income from non-residents abroad (navigator card 1.9).
Unofficial translation
Unofficial translation by BCA Unternehmensberatung UG. Only the Russian text is authoritative: Russian original on usd.bcaun.com · publication of the Ministry of Finance ↗. Lapse notes are editorial and not part of the extract.
EXTRACT
from the minutes of the meeting of the Sub-commission of the Government Commission for Control over Foreign Investment in the Russian Federation of 10 March 2022 No. 7
Moscow
Guided by paragraph 16 of the Rules for the Issue by the Government Commission for Control over Foreign Investment in the Russian Federation of Permits for the Performance (Execution) by Residents of Transactions (Operations) with Foreign Persons for the Purpose of Implementing Additional Temporary Economic Measures to Ensure the Financial Stability of the Russian Federation, approved by Resolution of the Government of the Russian Federation No. 295 of 6 March 2022, the Sub-commission of the Government Commission for Control over Foreign Investment in the Russian Federation unanimously decided:
Paragraph 1
1. To permit residents to carry out operations to transfer funds in foreign currency to their accounts opened with banks and other financial market organisations located outside the territory of the Russian Federation for the purpose of financing the current operating activities of the residents’ branches and representative offices, in an amount not exceeding the corresponding financing for the previous year.
Paragraph 2
2. To permit operations to credit to accounts (deposits) of resident individuals opened with banks and other financial market organisations located outside the territory of the Russian Federation funds in foreign currency received from non-residents as wages, rent, coupons and dividends on securities and other interest payments.
Paragraph 3
3. To permit resident individuals to make transfers, including conversion operations, of funds in foreign currency from accounts opened before 1 March 2022 with banks and other financial market organisations located outside the territory of the Russian Federation to their accounts opened with banks and other financial market organisations located outside the territory of the Russian Federation, information on which has been disclosed to the tax authorities of the Russian Federation in accordance with the requirements of the legislation of the Russian Federation.
To establish that the permits provided for in paragraphs 1, 2 and 3 are valid without time limit.
Certified true extract.
Deputy Minister of Finance of the Russian Federation
A.V. Moiseev