The central bank has raised the threshold for foreign trade contracts to 1 million rubles, reducing the documentation burden for companies for transactions at or below that level. The previous limit stood at 600 thousand rubles. This change will take effect on April 1, 2024.
In addition, businesses will not be required to submit shipping documents to authorized credit institutions for shipments made within the EAEU. Banks will transmit relevant information to the Federal Customs Service in electronic form, streamlining the process and reducing administrative overhead.
Another notable development allows participants in foreign economic activity to make foreign currency payments under contracts through any authorized bank, not exclusively through the bank that provides their service. This broadens the options available to traders and can simplify cross border settlements.
The Central Bank directive also addresses the flow of documents and reporting obligations related to cash transactions with foreign counterparties. It expands the set of data banks must record in foreign exchange control tables, enabling closer monitoring of operations and improved transparency across the sector.
Previously, there were restrictions on how much debt could be written off from budget loans within different regions. The latest measures modify that framework to align with current financial management practices.
There were also signals that Swiss banks had begun to close accounts held by Russian entities, reflecting shifts in international banking relationships. This trend underscores the ongoing impact of regulatory and policy changes on cross border financial activity.
For readers in Canada and the United States evaluating how these kinds of fiscal and banking changes might influence global trade and payment workflows, the core lesson remains consistent: authorities continue to simplify certain thresholds and broaden the channels through which payments and information flow. The aim is to reduce friction in legitimate commercial activity while strengthening oversight of cross border exchanges. Stakeholders should stay attentive to updated reporting requirements and the evolving landscape of financial services regulation as part of their risk management and compliance planning. [Citation: Central Bank directive updates, 2024]