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Decree on temporary extra measures on financial stability support was signed

18 марта 2022

The President of the Russian Federation signed a Decree on temporary extra measures on financial stability support in currency regulation sphere. According to the Decree, The Board of Directors of the Central Bank of Russia has been given the authority to determine the amount of sum within which, in particular, the advances and advance payments of residents in favor of foreign legal entities and individuals under contracts can be made, as well as the transfer of funds from foreign accounts opened in Russian credit institutions.

Furthermore, in accordance with the subclause 2a of the Decree it is forbidden for a resident to proceed the deals on the payment for shares, deposits, including any other contributions to the assets of a non-resident legal entity without getting a permission from the Central Bank. It considers the matter of forbidding a purchase of stocks in foreign entities for Russians. According to the Central Bank's explanation, the Decree does not apply to instruments traded on the stock exchange. It refers to a restriction on direct transfer for participation in what is called a limited liability company in Russian law, a contribution to the company's capital and a share in a cooperative.

The President also granted the Central Bank of the Russian Federation the following powers:

  • to issue permits to exporters not to sell foreign exchange earnings,

  • to issue a permit to a resident participant in foreign economic activity, according to which he has the right not to carry out the mandatory sale of foreign currency; in the amount of the sum of foreign currency sent by such a resident to meet the requirements of Russian credit institutions for obligations stipulated by credit agreements; and denominated in foreign currency.

Sanctioned Russian banks will be able to fulfill the obligations on foreign currency accounts of resident legal entities in rubles until September 1, 2022.

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