Russian Currency Control: More Liberalisation but on a Reciprocal Basis (November 2019)
Client Briefings
Introduction
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Russia has broadened the permission for crediting individual and corporate accounts of its currency residents with foreign banks located in Eurasian Economic Union (the "EAEU") members and jurisdictions exchanging information under the OECD's Common Reporting Standard ("CRS") with retroactive effect, while "penalising" its own residents for having accounts in banks located in, and borrowing from residents of, non-exchanging states.
