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Executive Order on repatriation by residents participating in foreign economic activity of foreign currency and Russian Federation currency

July 5, 2022

The President signed the Executive Order On the Repatriation by Residents Participating in Foreign Economic Activity of Foreign Currency and the Currency of the Russian Federation.

The Executive Order supplements the measures provided for by Executive Order of the President of the Russian Federation No. 79 On Special Economic Measures Related to the Unfriendly Actions of the United States of America and the Foreign States and International Organisations that Joined It,” dated February 28, 2022; Executive Order No. 81 On Additional Temporary Economic Measures To Ensure The Financial Stability of the Russian Federation dated March 1, 2022, and Executive Order No. 95 On the Temporary Procedure for Fulfilling Obligations to Certain Foreign Creditors dated March 5, 2022.

The Executive Order states, in part, that the requirements of Article 19 of Federal Law No. 173-FZ On Currency Regulation and Currency Control dated December 10, 2003, on the repatriation by residents participating in foreign economic activity of foreign currency and the currency of the Russian Federation, due under foreign trade agreements (contracts) concluded with non-residents shall be executed in the amount determined in accordance with Para. 2 of Presidential Executive order No. 79 of February 28, 2022, but no less than the amount of foreign currency that is subject to mandatory sale.

The Executive Order gives the Government Commission for Control over Foreign Investment in the Russian Federation the authority to impose restrictions on crediting foreign currency by Russian residents to their accounts (or deposits) opened with banks or other financial market organisations located outside Russia, as well as on wiring funds without opening a bank account using an electronic means of payment provided by foreign payment service providers.

The Executive Order also regulates the fulfillment of obligations by Russian legal entities to holders of foreign bonds issued by foreign organisations and holders of such Eurobonds, as well as a number of other financial issues.

The Russian Central Bank has been granted the right to provide clarification regarding the enforcement of this Executive Order.

July 5, 2022