Liberalization of currency control regulations affecting foreign trade participants

Abstract

Russia is consistently liberalizing its foreign economic activity. This is evidenced by the new initiative to amend the Federal law «on currency regulation and control». It is planned to implement a number of important steps, in particular, legal entities and individuals will be able to carry out currency transactions without restrictions with funds credited to such accounts in accordance with the requirements of the currency legislation, except for prohibited currency transactions, and are required to submit to the tax authorities a report on the movement of funds.