WIRE TRANSFERS AND CAPITAL FLOW

Free capital flow and payments are unrestricted for overseas investors in Russia and guaranteed by the law. Foreign investors may unstintingly transfer money earned in Russia to overseas accounts if the currency regulations are complied with and all applicable taxes are paid.

Any cash amount equivalent to no more than USD 10 000 may be exported from Russia; otherwise it is subject to declaration.

The Central Bank of the Russian Federation (Bank of Russia):

  • established payment and bank transaction rules;
  • organizes and exercises foreign exchange regulation and foreign exchange control in accordance with the applicable legislation;
  • supervises over the activities of credit organizations and groups.

Settlements between legal entities (organizations).

Settlements between enterprises (legal entities, individual entrepreneurs) and individuals.

Settlements between individuals.

Both cash and non-cash settlements amounting to more than RUB 600 000 are subject to mandatory control by the Federal Service for Financial Monitoring (Rosfinmonitoring) aimed at combating money laundering and financing of terrorism. The above is applicable to all cashless settlements: between legal entities; individuals; legal entities and individuals.

Visa, MasterCard, UnionPay, American Express payment cards are accepted in Russia.

There exists an extensive network of internal and external wire transfer systems in Russia with 100 banking and non-banking money transfer providers (a full list is available at www.cbr.ru).

Western Union and MoneyGram are among the biggest non-bank financial services and communications companies with products such as person-to-person money transfers and money orders operating in Russia.

Wire transfers may be made in various currencies including RUB, USD and Euro; there may be cash and non-cash payment orders.