Currency control catches foreign-owned companies constantly — every cross-border payment, contract and foreign account. Where it's tripping you up — the payment the bank won't execute, the contract to register, the notification you didn't know you owed — is the practical question.
Cross-border payments, contract registration, and notification obligations — each a point where a foreign-owned company can stall or breach without realising.
Register contracts where required, build payment documentation before the bank asks, and file the notifications you owe.
Currency control governs how money moves across the Russian border, and it catches foreign-owned companies constantly — every payment to or from a foreign counterparty, and every foreign account, can carry an obligation. This guide covers what applies and how to stay compliant.
The rules apply to cross-border payments, contracts with foreign counterparties, and foreign bank and brokerage accounts held by Russian residents (including companies). The aim is transparency of cross-border flows, and the mechanism is a set of notification, registration and documentation requirements.
Cross-border contracts above certain values must be registered with the servicing bank, and payments under them require supporting documents that the bank checks. The bank acts as a currency-control agent, so incomplete paperwork can block a payment at the point of transfer.
Residents must notify the authorities of foreign accounts (opening, closing and changes) and, in many cases, report the flows through them. These have fixed deadlines, and missing them is a common and avoidable source of penalties.
Pick your situation — we'll tell you where you stand:
Currency-control violations carry significant penalties, in some cases a percentage of the transaction amount. Because the rules are procedural, most penalties come from missed notifications or documentation gaps rather than deliberate breaches — which makes them entirely preventable.
The practical answer is to build currency control into your contracting and payment process rather than treating it as an afterthought: register contracts where required, keep supporting documents ready for the bank, and file notifications on time. We run this as part of ongoing compliance so money keeps moving and the paperwork is always in order.
Cross-border payments, contracts with foreign counterparties, and foreign bank and brokerage accounts held by Russian residents including companies. Each can carry notification, registration or documentation obligations.
Banks act as currency-control agents and check supporting documents. Incomplete or missing paperwork, or an unregistered contract above the threshold, can hold up a payment at the point of transfer.
They can be significant, in some cases a percentage of the transaction amount. Most arise from missed notifications or documentation gaps, so they are largely preventable with a proper process.
This explains how currency control catches foreign-owned companies constantly — every cross-border payment, contract and foreign account. Your question is where it's tripping you up: the payment the bank won't execute, the contract that needs registering, the notification you didn't know you owed.
A payment held or a query from the bank? Tell us the situation — we'll tell you what's missing.
Practical support for international business in Russia.