Currency Regulation and Exchange Control in Russia

Currency regulation in Russia appeared in 1843, when during the reign of Nicholas I the ruble was firmly fixed. At that time, in the territory of almost all significant powers, the gold standard operated, which existed until the beginning of the 20th century. For example, by the summer of 1914 (the beginning of the First World War), one ruble had in its composition 0.777742 grams of gold and exchanged at a rate of 1.9 rubles for the American dollar, 46 kopecks for the German mark, 9.4 rubles for pound sterling and Other

Today, currency regulation and currency control are designed to implement measures to stabilize the Russian currency market , support the stability of the national monetary unit and ensure a unified state policy. The main regulatory issues in this area are currently set out in Law No. 173-FZ (adopted in 2003, December 10). It defines the basic concepts related to the sphere of currency regulation - the Russian currency, internal (external) securities, special bank accounts, foreign exchange operations, foreign currency. Also listed is a list of persons who are recognized as residents / non-residents for the implementation of the above law.

Currency regulation and currency control in our country are carried out by the authorized bodies - the Central Bank and the Government of Russia (the function of currency regulation). They arrange transactions between residents, between non-residents, as well as settlements of residents and non-residents. It should be noted that transactions with foreign currency units between residents are not permitted, with a number of exceptions. those. To pay off, for example, dollars in an ordinary store in our country today is officially impossible.

In accordance with Article 4 of Federal Law No. 173-FZ, the bodies of currency control, in addition to the Central Bank and the Government of our country, include authorized structures of the federal level. And authorized banks are assigned to agents controlling currency transactions . They also include tax and customs authorities, Vnesheconombank, and others.

Currency regulation and currency control implemented in the legislation determine the procedure for opening accounts by residents in foreign banks, as well as the procedure for making deposits and accounts by non-residents in Russian banks. Article 15 of Federal Law No. 173-FZ regulates how in Russia it is possible to import and export foreign coins and banknotes, valuables recognized as currency, securities.

Foreign exchange regulation of foreign trade transactions is mainly due to the fact that in accordance with Chapter 3 of Federal Law No. 173-FZ, residents must receive payment by currency under certain contracts with non-residents, draw up a transaction passport and sell a certain part of the foreign exchange earnings. Today this part is 30 percent and is sold no later than seven working days from the time of receipt to the account of the resident. Residents for this case are legal entities and individual entrepreneurs.

Currency regulation and exchange control provide for certain duties and rights for participants in this process. In particular, residents and non-residents can compensate for the damage caused to them by the actions of currency control bodies, and are obliged to provide information and documents to the relevant bodies, keep records and follow orders if any violations are detected.