Currency import and export regulations
As from July 31, 2005, the new amendments are introduced in Russia concerning the rules on conveyance of foreign currencies, Russian rubles, securities and traveler's cheques by physical persons across the customs border of the Russian Federation.
Currently the following rules and regulations are applied:
- The exportation of cash assets (both foreign currency and rubles) amounting to a total equivalent of USD 10 000 is not allowed, except for previously imported amounts of foreign currencies and rubles, which may be exported in excess of $10 000 if their previous importation or remittance is acknowledged by relevant customs declarations or other documents. Exportation of assets not exceeding an equivalent of USD 10 000 is permitted and does not require submission to the customs authorities of any documents in witness of the fact that exported currency had been previously imported, remitted to or acquired in the Russian Federation.
- Exportation of Russian rubles must be declared if the amount exceeds $3 000 (including the amount of exported foreign currency).
- Exported cash assets (foreign currency and Russian rubles), not exceeding the total amount of USD 3000, are not subject to written declaration by the travellers.
- Foreign currencies and Russian rubles in cash, traveler's cheques as well as Russian and foreign certified securities imported by physical persons into Russia, provided their total equivalent value is in excess of USD10 000 are subject to declaration to the customs authorities by filing a customs declaration written declaration, whereas no quantitative restrictions on importation of these valuables by physical persons are applicable.
- Traveler's cheques imported into the Russian Federation are subject to a mandatory written declaration if their total amount (inclusive of a lump-sum of foreign currencies, Russian rubles, domestic and foreign certified securities) exceeds $10 000. Traveler's cheques exported from the Russian Federation are subject to mandatory written declaration by physical persons if their total value exceeds $10 000 (exclusive of the value of other exported valuables). In other cases, exported traveler's cheques can be declared by physical persons at will.
* In the event that the permitted allowances for the export of currencies, securities as well as traveler's cheques are exceeded, provided they are not disclosed from customs control and specified in a written declaration, physical persons have an opportunity to keep such exceeding assets temporary at customs if immediate return of these valuables to the territory of the Russian Federation is not possible. The term of temporary storage is restricted to a period of two months (or up to four month, provided that a well-reasoned request to be submitted in writing). Upon presentation of 'TC-21' form, completed before deposition of the assets, checked-in valuables will be released from the customs either to the person who had deposited them or to his representative.
** Conversion of foreign currencies, Russian rubles, traveler's cheques, foreign and domestic certified securities conveyed across the customs border of the Russian Federation into US dollars shall be accomplished using the official rate established by the Central Bank of the Russian Federation on the date of declaration to a customs authority. For the purpose of declaration to a customs authority of foreign or domestic certified securities shall be deemed acceptable:
1) issued securities – par value of securities;
2) for other securities - a sum of money to be received as certified by a specified security.