Experts from VEGAS LEX have visualised foreign exchange restrictions that are regularly introduced since the end of February of this year as special economic measures.
The graphic format makes it possible to solve two real-life problems:
- to check restrictions and alternatives available for a specific transaction;
- to take a comprehensive look at the restrictions and opportunities for a specific entity.
Bird's-eye view at the entire system of restrictions will reduce the business's regulatory risks. It is especially useful when the requirements for foreign exchange transactions are changing almost daily.
The most recent new developments reflected in this publication include:
- on 25 April, a letter of the Bank of Russia was published, where the regulator explained how dividend payment is restricted;
- on 21 April, the Bank of Russia eased the requirements for sale of foreign exchange earnings for all exporters (these requirements had already been eased two days before for the non-resource-based energy sector);
- on 19 April, the Bank of Russia eased the requirements for sale of foreign exchange earnings for some exporters;
- on 18 April, banks resumed sale of foreign exchange cash;
- on 16 April, the Bank of Russia explained that residents may freely convert Russian rubles credited to accounts with foreign banks into foreign currencies.
Read the review in VEGAS LEX's latest publication: Anti-crisis measures. Limits set on foreign exchange transactions
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.