Russia introduces a moratorium on checking compliance with currency laws

In Russia, a moratorium is being introduced on inspections by tax authorities of compliance with currency legislation. It comes into force on June 1 and will be valid until December 31, 2022.

According to the decree signed by Prime Minister Mikhail Mishustin, most of the control measures related to compliance with currency legislation will be suspended. The exception will be inspections during which violations with a statute of limitations expiring before December 31, 2022 were previously identified.

Control measures in this case may continue in terms of the relevant offences. In addition, the moratorium does not apply to violations related to the implementation of regulatory legal acts adopted after February 27, 2022 and establishing special economic measures in response to the sanctions of unfriendly states.

The new resolution also provides for the extension until December 1, 2022 of the deadline for the submission by resident citizens of reports for 2021 on the movement of funds on accounts in foreign banks and on transfers of funds abroad without opening a bank account. This decision is due to the difficulties that people currently face in obtaining the necessary documents and information from financial institutions outside the country.