Russia - Commercial Guide
Foreign Exchange Controls

Includes how foreign exchange is managed and implications for U.S. business;

Last published date: 2019-10-13

Currency control legislation has been liberalized considerably in the past 20 years.  For payments related to the import of goods, there are no significant restrictions.  However, the bank of the Russian importer is obliged to ensure compliance of payments with currency regulations and tax obligations.  Therefore, the Russian importer and its bank set up a “transaction passport” for each contract.  The foreign exporter is not directly involved but may be affected due to the need for the Russian importer to obtain documents and information from the exporter.  For more information, see Conversion and Transfer Policies in the Investment Climate Statement.