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Issuing permits for receipt of export proceeds in Russia

Russia
31/10/2002
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Although the authority to issue permits for the receipt of export proceeds that are outstanding for over 90 days was passed from the Russian Central Bank to the Government back in 1998 (further to an amendment to the Federal Law "On Currency Regulation and Currency Control"), local branches of the Central Bank have continued to issue such permits until recently. This incompliance was due to the Government's failure to establish a procedure for the issue of permits.

As a result of the recent Government resolution, the Ministry of Finance is now in charge of the issue of permits with effect from 1 September 2002. The new procedure differs from that of the Central Bank, particularly in that: (i) an application to obtain a permit may now only be submitted after an export contract has been signed; and (ii) if a payment has been delayed for more than one year, an applicant must first obtain approval from the Ministry of Economic Development and Trade. The Ministry of Finance must process an application within two months from the date of its submission.

Permits issued by the Central Bank before 1 September 2002 are either valid for the term designated therein or until a transaction has been completed.

For further information please contact David Griston at [email protected] or on 00 7 095 2585000.

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