Russians Face Fines for Operations with Foreign Banks

According to the amendments to the Russian Code of Administrative Offences which became effective on February 13, Russian nationals may lose the accruals in their accounts with foreign banks, for example interest from savings or rental income, if the revenue was not transferred via a Russian bank. The law also expands the definition of currency transactions, which previously only dealt with prohibited transactions. Now they also include transactions which violate the procedure stipulated in the legislation on currency. The fine will range from 75% to 100% of the prohibited currency transaction. The Russian financial authorities are supposed to receive information about these transactions from the taxpayers themselves: Russian residents are bound by law to notify tax agencies about opening or closing accounts with foreign banks and also about changes in their bank details.

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