The Central Bank of the Russian Federation (the Central Bank)
has published a draft of an amendment introducing changes to the
well-known Instruction No. 138-I of 4 June 2012 on the procedure
for submission of documents and information related to currency
operations from residents and non-residents to authorized banks for
filing transaction passports and for recording and control of
currency operations by the authorized banks (Instruction
The proposed draft instruction (the Draft Instruction)
introduces some major substantive amendments in addition to various
technical and procedural changes.
Change of transaction passport threshold
Based on Instruction No.138-I as currently in force,1
the obligation to create and maintain a so-called 'transaction
passport' with an authorized bank applies to a variety of
agreements between residents and non-residents (such as loans,
leases, cross-border sale-purchase agreements, services agreements
and the like) where the value is equal to or exceeds USD
With the changes proposed in the Draft Instruction, this
threshold may be reduced to USD 25,000. Experts see this as a
response to significant devaluation of the ruble against foreign
currencies and/or capital outflow.
Transaction passports for individuals
Currently, Instruction No.138-I applies to individuals only if
they are registered entrepreneurs or have a private
practice.2 However, the Draft Instruction creates
additional obligations for any individual Russian resident granting
a loan to a non-resident (the Individual Loan).
For the Individual Loans exceeding the transaction passport
threshold, a Russian resident must open a transaction passport with
an authorized bank and submit relevant currency control documents
(e.g., a currency operation certificate and documents related to
Public comments on the Draft Instruction were accepted until 12
July 2016. In practice, the subsequent procedure of considering
these comments and undertaking other necessary pre-signing
formalities may take up to several months. If the Draft Instruction
is signed, it will come into force 60 days after it is officially
published. Residents will also have 15 business days to open
transaction passports for existing agreements not previously
subject to this requirement.3
1. Chapter 5 of Instruction 138-I.
2. Chapter 1 of Instruction 138-I.
3. Paragraph 2 of the Draft Instruction.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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