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Foreign Economic Activity support

A lot companies and individual entrepreneurs do their business together with overseas suppliers. Aside from complications with conclusion of selling contracts of, there are some particularities when executing provisions thereof. Unfortunately, there are some post restructuring survivals in the currency legislation which defeat execution thereof loading problems of improper execution of transaction passport or default of a treaty on Russian entrepreneurs by the non-resident.

When effecting currency operations relating to non-resident selling contracts valuing more than 5000 US dollars for currency exchange control purposes as per article 20 of the Federal Legislation dated 10.12.2003 №173-FL «Concerning currency regulation and currency exchange control» and c. 3.1. of the Russian Federation Central Bank Instructions dated 15.06.2004 №117-I there should be a transaction passport (hereinafter - TP) issued with specification of the main conditions of the selling contract as well as “the date of completion of contract obligations” (with regard to the case being considered - it’s the date when the last delivery is made by the non-resident). If the delivery is made later than “the date of completion of contract obligations”, there is no refund of monetary funds into the Russian Federation because of no import at the Russian Federation customs territory which is a breach of article 19 of the Federal Legislation «Concerning currency regulation and currency exchange control» to be pu nished by penalty at the rate of 75% up to 100% of the value of non returned monetary funds as per c. 4. article 15.25 of administrative violations’ code of the Russian Federation.

In spite of absolute unfairness of the above norm (as well as most norms concerning monitoring of foreign trade currency transactions), it is justified by the constant state control for export of the Russian monetary capital abroad. In spite of gradual deliverance from such anachronistic norms as obligatory selling of currency earnings and reservation of the capital by prolongation of execution of contract obligations by the non-resident, effecting Foreign Economic Activities is still a risky venture.

We offer you a comprehensive solution of problems with foreign partners:

  1. Holding negotiations and drawing-up a contract with the non-resident subject to the biggest defense of your interests
  2. Due dilligence of contract obligations to prevent breaking currency legislation and, as a result being fined by the Federal service of Fiscal control
  3. Alteration and amendments of contracts by drawing up Addenda, schedules etc.
  4. Representation of client’s interests at the Federal service of Fiscal control
  5. Appeal of decision of imposition of fine by the Federal service of Fiscal control in arbitration courts
  6. Handling claims with non-residents
  7. Representation in courts of the European Union

Contact person:
Stanislav Solntsev 

director@ju-ris.com


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