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Currency control requirements have been relaxed in Russia




MOSCOW, Feb 28 – PRIME. Currency control requirements for Russian exporters will be eased from February 28, which will reduce the administrative burden on companies and increase their access to export insurance products. Thus, the receipt of insurance payments in foreign currency or the currency of the Russian Federation from resident insurers will be considered the fulfillment by exporters of the obligation to repatriate foreign currency earnings. The obligation to repatriate will also be considered fulfilled if an authorized Russian bank pays the exporter funds under a guarantee for a foreign trade transaction. Biden saw a sign of the imminent end of the crisis In addition, the list of permitted foreign exchange transactions between residents includes the payment of insurance premiums and payment of insurance claims. And the list of documents that can be submitted by Russian exporters to substantiate the shortfall in foreign exchange earnings includes documents related to fixing the fact of damage to goods and regulating their payment. These innovations will provide exporters with an effective tool for hedging the risks of non-fulfillment of a foreign trade agreement, which will reduce tension in the field of foreign exchange control and will revive the turnover, said Ekaterina Portman, Director of Deloitte Legal, to RIA Novosti. In addition, now not only the Russian Agency for Insurance of Export Credit and Investments (EXIAR) will be able to insure the risks of default on obligations under foreign trade contracts, but any Russian insurer. An exception will be those organizations that will be included in the special list of the Bank of Russia. The grounds for this will be, inter alia, the work of the company with a license to carry out voluntary property insurance for less than a year, as well as the presence of two or more violations within a year, for which the insurer was subject to liability measures. “This is a very positive innovation, which, according to the authors of the amendments, should increase the number of insurance companies that can deal with such risks, and, consequently, lead to increased competition between them and better conditions for insurance contracts for their clients,” the chairman of the board told the agency The Association of Professional Insurance Brokers (APSB) Katerina Yakunina. Why the ruble can collapse when no one expects it However, while the law remains a “half measure”, appropriate changes are needed to the Civil Code so that insurers do not face problems in courts, the expert added. “Credit insurance is classified as insurance of business risks. And according to article 933 of the Civil Code of the Russian Federation, business risk can be insured” only for the insured himself and only in his favor. “Thus, it will not be possible to appoint, for example, a bank as a beneficiary under the policy, which contradicts the prevailing the practice of insuring export credits and receivables, “Yakunina explained.

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