The introduction of a zero rate for the surrender requirement has raised the question as to whether a resident is required to transfer foreign exchange revenues received under a foreign trade contract to its Russian account. Earlier, the CBR, in its Explanation No. 3-OR, dated 4 April 2022, directly stated that the requirements of Decree No. 79 applied to transactions for which the requirement to transfer foreign exchange revenues to a Russian account was canceled as of 1 July 2021 as a result of the liberalization of foreign exchange law.
However, taking into account the introduction of a zero rate for the surrender requirement, it remains to be seen which government interests may be impacted, should a resident exercise its right under the Law on Currency Control to credit such revenue to its foreign account for an indefinite term or to discharge a liability to a nonresident in a different way (offset, novation of liability, debt forgiveness, etc.).
In any event, as long as the regulator has not stated its position on the issue, a resident enjoys a grace period of 120 business days during which it may keep funds on its foreign account and request a written explanation of regulatory provisions from its authorized bank.