The Central Bank of Russia loosens control over import companies and some banks

On Wednesday, the CBR eased its control over import companies and non-resident banks in Russia, removing the requirement to pay 30% as an advance payment on import contracts.

“The Bank of Russia has canceled the requirement to pay 30% in favor of non-residents under contracts for the import of services, works and results of intellectual activity, which entered into force in April of this year,” the report says. The Central Bank said.

He added that the decision is aimed at supporting foreign economic activity and creating conditions for building new supply chains and imports.

In addition, the Central Bank allowed non-resident banks from unfriendly countries to buy and sell the single foreign currency on the Russian foreign exchange market.

Until now, for all non-residents of unfriendly countries, there was a ban on the purchase and sale of foreign currency.

In early March, the Central Bank of the Russian Federation announced a set of measures to achieve financial and economic stability in Russia in the light of Western sanctions against Russia.

Source: Prime

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