Currency control regulations
Currency restrictions in Russia play an important role as the economy continues to develop. They are primarily designed to support economic security, achieve sustainable economic growth, control inflation, and ultimately strengthen the country’s international position.
In accordance with applicable currency regulations, VTB exercises currency control over all types of exchange transactions, including foreign trade contracts, credit facility and loan agreements, and non-commercial foreign exchange transactions.
VTB’s knowledgeable staff provide free advice to clients at all stages of the transaction process. Recommendations by qualified professionals enable our clients to sign contracts on terms consistent with currency legislation, and to avoid currency transactions that violate established procedures and problems related to contractual obligations and exchange control procedures after signing.
All VTB subsidiaries and branches provide a full range of foreign exchange control services.
Clients can get advice on drafting contract payment provisions that are fully compliant with Russian currency regulations and recommendations for securing the most profitable payment terms and conditions at the VTB Currency Control Department located at 43 Vorontsovskaya Street in Moscow.
Benefits of using VTB for foreign exchange control
- VTB's high rating as an exchange control agent with currency regulation authorities.
- VTB exchange control specialists are often engaged by the Bank of Russia and other government agencies when drafting laws and regulations.
- Long-term cooperation and established relations with Russian exchange control authorities.
- Bank clients receive free advice on currency control, including guidance on complex foreign trade transactions.
- Bank clients receive assistance in resolving issues with the Bank of Russia and the Federal Customs Service and recommendations for customers drafting letters to the above institutions.
- The bank takes precautionary measures to prevent customers from violating Russian currency legislation and regulatory acts of controlling authorities.
- Fast processing of foreign exchange control documents in accordance with Bank of Russia regulations.
- Regular and timely provision of information to bank clients about changes in applicable Russian foreign exchange legislation.
- Regular seminars for bank clients.
- Competitive banking commission rates where VTB acts as the currency control agent. Preferential rates for VIP clients.
- Ability to send exchange control documents in paper and electronic form directly from your office to the bank using our cutting-edge online banking system, which provides improved customer service, streamlined document processing and prompt completion of transactions.
Documents to be issued by VTB under currency control requirements: