Authorities approve exemptions from FX restrictions for branches, dividends and accounts of Russian residents

MOSCOW. March 14 (Interfax) - Russian authorities have approved several exemptions from the FX restrictions introduced by a series of presidential decrees in late February and early March amid unprecedented sanctions against Russia, a source familiar with the results of a specialized subcommittee meeting told Interfax.

A subcommittee of the government commission for oversight of foreign investments has been created in the Finance Ministry, headed by Finance Minister Anton Siluanov. The meeting at which these decisions were made took place on March 10.

In particular, according to the Interfax source, the subcommittee has allowed Russian residents to carry out money transfers in foreign currency to their accounts opened abroad in order to finance current operating activities of branches and representative offices. The volume of transfers for these purposes must not exceed the amount of the corresponding financing for the previous year.

Clearance has also been granted for operations on depositing funds in foreign currency received from non-residents in the form of wages, rent, coupons and dividends on securities and other interest payments to the accounts of resident legal entities abroad.

Furthermore, individuals are permitted to make transfers, including conversion operations, of funds in foreign currency from accounts opened before March 1, 2022 in foreign banks into their own foreign accounts, information about which has been disclosed to tax authorities of Russia.

All these exemptions from the restriction regime are indefinite, the source said.