CBR continues to ease currency control on foreign trade contracts, lifts limits in some sectors

MOSCOW. April 18 (Interfax) - The Central Bank of Russia (CBR) has expanded the list of sectors for which it is easing currency controls on foreign trade contracts, the regulator said in a statement.

The CBR has decided to lift the 30% limit for advances on foreign trade contracts for provision of services in the fields of tourism and repair and maintenance of buildings and equipment.

In addition, it will be possible to pay full advances on contracts for the services of nonresidents from friendly countries in the field of exhibition activities or the services of nonresidents to organize exhibitions, fairs and conferences in friendly countries.

"The easing of currency control rules will make it possible to improve the conditions of foreign economic activity for Russian tourism organizations, and support the promotion of Russian manufacturers' products on foreign markets," the CBR said.

The CBR earlier lifted the 30% cap on advances in transport and for a number of contracts worth up to $15,000.