Russia.. Allowing investors to place funds from the sale of securities into their accounts abroad in foreign currency

The Treasury Ministry announced that it has allowed investors to place funds received from the sale of securities in bank accounts abroad in foreign currency, the ministry said in a statement.

“The Government Commission for the Control of Foreign Investments has decided to allow resident individuals to place funds on their bank accounts opened with banks abroad or in other financial market organizations in foreign currency, which are funds received through transactions with securities with non-residents in foreign countries,” the ministry said in a statement. Russia.

The decision also allows the placement of funds in bank accounts opened abroad for funds derived from income from securities held in a foreign depository, foreign bank or other foreign financial market institution. These institutions calculate the yield on securities and store them outside the Russian Federation.

According to the statement, the approval of the Oversight Committee is valid indefinitely, starting June 17, 2022.

In early March, Russian President Vladimir Putin signed a decree allowing the transfer of funds in foreign currency from Russian residents to bank accounts in foreign banks only with the permission of a special government commission.

The decree stated that transfer and deposit operations “may be carried out on the basis of permits issued by the State Committee for the Control of Foreign Investments in the Russian Federation.” If necessary, these permits may contain certain conditions for making transactions with securities.

Source: TASS

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