Amendments to Federal Law No. 173-FZ On Currency Regulation and Currency Control introduced additional exemptions from the requirement for Russian residents to have Russian and foreign currency received in the course of foreign trading credited to their accounts with authorised banks (i.e. Russian banks licensed to carry out operations with foreign currency).

The above exemption now also applies to the following cases:

  • set off claims arising from obligations based on agreements between Russian residents exporting natural gas in gaseous form and foreign residents purchasing that gas; and
  • set off claims arising from obligations based on agreements for providing foreign residents’ obligations with regard to Russian residents exporting natural gas in gaseous form in relation to the transportation of that gas within the territories of foreign countries.