The government will expand foreign exchange controls to foreign subsidiaries of exporters
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The Ministry of Finance proposed to oblige exporters to submit consolidated statements to the Bank of Russia on foreign currency assets and liabilities – that is, taking into account all subsidiaries, including foreign ones. This is stated in the draft amendments to the law on currency control prepared by the ministry (Vedomosti has the document). It is assumed that the norm will not come into effect immediately, but from January 1, 2024: residents will need time to adapt to the new requirements.
The bill was agreed upon with other departments responsible for currency control issues and submitted to the Cabinet of Ministers, it follows from the materials. Its press service confirmed to Vedomosti that the document was approved by the government commission on legislative activities, which was held on October 16.
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