Currency Regulation and Currency Control

The procedure for carrying out currency operations on the territory of the Russian Federation is regulated by law No. 173 of 2003. The slightest deviation from the established rules is an offense. Owners of enterprises engaged in foreign economic activity often encounter problems of currency regulation. In case of difficulties, please contact DTK Partners Law Agency.

Currency Regulation and Currency Control

Currency is money of the Russian Federation and other states. Currency control refers to activities aimed at compliance with legislation on currency regulation.

Popular currency transactions:

  • use of the currency of the Russian Federation for making the payments to residents and non-residents;
  • the use of foreign currencies as a means of payment;
  • transfer of funds by a resident from his account in a Russian bank to an account with a foreign credit institution;
  • import and export of currency across the border of the Russian Federation;
  • transfer to a Russian account of a resident of foreign currency from third parties.

The law provides for the following types of currency violations:

  1. Non-refund of advances.
  2. Illegal operations.
  3. Transactions on undeclared foreign accounts.

Responsibility for these violations is provided for by Art. 15.25 Administrative Code of the Russian Federation.

Legal services

A currency regulation and currency control lawyer can provide you with the following services:

  • legal advice on the opening and maintenance of foreign currency accounts and currency transactions, which are prohibited by law;
  • assistance in the implementation of foreign exchange transactions under foreign economic agreements;
  • support for contesting currency violations by foreign account holders;
  • legal support in imposing liability for currency violations of importers and exporters;
  • preparation of documentation (statement of cash flows on foreign accounts);
  • preparation of an individual foreign economic agreement;
  • advice on the correct implementation of settlements with counterparties in foreign currency;
  • representation in court or in the preparation of the minutes.

Assistance of DTK Partners

If you need the help of a currency control lawyer in Moscow, then you can contact the DTK Partners legal agency.

The principle of work of specialists in currency control:

  1. Initial consultation with the client. It includes obtaining information, studying the situation and setting goals for cooperation.
  2. The conclusion of the agreement. The principal outlines the range of tasks and pays only those services that he needs.
  3. Strategy development. Audit company activities, collecting documentation and identifying problems.
  4. Implementation of the strategy. Includes procedure follow-up.
  5. Analysis of the results. In case of errors, the specialist makes adjustments.

Contact specialists at DTK Partners at any time convenient for you.