Revenue repatriation rules continue to ease

Starting from January 1, 2021, the percentage of revenue for commodity contracts in RUB, which Russian exporters are not required to receive on their accounts under currency control rules, is increased from 10% to 30%. It is also planned to allow to not return to Russia up to 100% of such revenue from 2024. This initiative is only foreseen for the export of certain commodities.

Foreign trade contracts in ruble for works, services, transfers of non-commodity goods are free from repatriation since January 1, 2020. The requirement for full repatriation of revenue in foreign currency is still in force.

From January 1, 2021, the repatriation of currency revenue will also become optional when offsetting settlements for certain services.

The gradual cancellation of revenue repatriation does not mean a softening of the requirements for advance payments (paid to non-residents) return to the Russian Federation. For example, an advance payment for goods, which are not actually imported, or services not provided, must be transferred back to Russian accounts.