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Legislation for Foreign Citizens residing in the Russian Federation for the purposes of Business and Labour

Rules Regulating Foreign Currency in Russia

 
11.01.2012

Rules Regulating Foreign Currency in Russia

If you are planning on visiting any country, it is always helpful to be familiar with the rules governing the import and export of currency and other securities.

In Russia these issues are regulated by Federal Law from 10.12.2003 No.173-FZ “On Currency Regulation and Currency Control” and Customs Legislation.

Foreigners may bring with them into the country foreign currency, Russian rubles, as well as traveller cheques and other securities without limitation.

If a foreign citizen upon entry into the country has in his or her possession a total sum greater than 10,000 US dollars, including currency, travellers’ cheques and other securities, he or she must specify the value of each on a customs declaration and submit it to customs authority at the border crossing.

A foreigner may, when exiting the country, take with him or her all currencies which were declared upon entering the country or those which were transferred to Russia during the period of stay. However it is incumbent on the foreigner to prove the values of each that were either in his possession at the time of entering or transferred to him while in Russia. In order to do this, a foreigner will need at the moment of departure from the country to provide documentation regarding the transfer of currency and or other assets to Russia or submit the customs declaration which was completed at the point of entry into Russia. In this event, a declaration at the point of departure is not required.

In addition to foreign currency and or Russian rubles totalling that which was declared upon entry or transferred to Russia, a foreigner is permitted to export from the country the amount of currency which is not in excess of 10,000 dollars US. Customs will not require supporting documentation that this additional currency had been previously imported or transferred to Russia. To depart from the country holding currency in excess of that amount is strictly forbidden.

Upon departure, if a foreign citizen is holding 3,000 dollars US or less in any currency, he or she is not required to declare this at Customs. If however the amount is greater than 3,000 dollars US, the entire amount is subject to written documentation at Customs upon exiting from the country. The customs declaration most also show declared values for travellers’ cheques, if the total value of such which is being taken out of the country is greater than 10,000 dollars US. Securities which are being taken out of the country must be declared irregardless of their total value. In this case, as was noted earlier, it is permissible not to declare at the point of departure that which was declared upon entry into Russia, including currency, travellers’ cheques and other securities.

The conversion of foreign currency, Russian rubles and US dollar traveller cheques are all subject to the official exchange rate which is set by the Central Bank of the Russian Federation on the day of declaration to the customs authority.

We would like to wish all travellers a safe and pleasant stay in our country.


 *This article was published in PASSPORT, #1 


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