Russia: Currency control regulations amended
Effective
1 October 2012
the Central Bank of Russia (CBR) has published the Instruction No 138-11, which implies that all non-residents’ currency transactions in the Russian Ruble (RUB) are to be marked with a special currency transaction type (VO) code allocated per transaction type.
All non-resident legal entities are still obliged to indicate a VO code in the payment order matched with the payment details. At the same time, a number of VO codes have been changed; including, among others, the following:
| VO code | Transaction type description |
| VO60070 | Transfers between two non-resident RUB accounts held with the same licensed Russian bank and belonging to the same non-resident. |
| VO60071 | Transfers between two non-resident RUB accounts held with different licensed Russian banks and belonging to the same non-resident. |
| VO60075 | Transfers from a non-resident’s RUB current account held with a licensed Russian bank to an RUB current or deposit account of the same non-resident held with a non-resident bank and transfers from a non-resident’s RUB deposit account held with a licensed Russian bank to an RUB current account of the same non-resident with a non-resident bank. |
| VO60080 | Transfers from a non-resident’s RUB current account to another non-resident’s RUB current or deposit account belonging to another non-resident and held with the same licensed Russian bank. |
| VO60081 | Transfers from a non-resident’s RUB current account held with a licensed Russian bank to a non-resident RUB current or deposit account belonging to another non-resident and held with another licensed Russian bank. |
Please be advised that the amended regulations define new rules for information exchange between resident and non-resident legal entities, individuals and authorised banks.
Further information
For further information, customers may contact Clearstream Banking2 Customer Service or their Relationship Officer.
1. “On Procedure for Residents and Non-Residents to Submit to Authorised Banks Documents and Information on Currency Operations, Procedure for Drawing Up Transaction Certificates, as well as a Procedure for the Authorised Banks to Register Currency Operations and Control Them”.
2. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, registered with the Commercial Register of the District Court in Frankfurt am Main, Germany, under number HRB 7500 (CBF) and Clearstream Banking, société anonyme, registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg and registered with the Luxembourg Register of Commerce and Companies under number B-9248 (CBL).
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