Author`s name Petr Ernilin

New Rules of Foreign Currency Export Introduced in Russia - 15 March, 2003

A new wording of the law "On Currency Regulation and Control" came into force in Russia today. It sets more liberal rules of exporting foreign currency for individuals.

Until today, it was allowed to freely export up to $1,500, while bigger sums had to be declared in the customs declaration. In addition, individuals had to submit documents confirming the origin of foreign exchange for the sums exceeding $1,500. Sums over $10,000 could be exported only with the Central Bank's permission.

From now on, $3,000 is allowed to be exported freely, sums up to $10,000 must be declared in the customs declaration. Foreign exchange exceeding the amount of $10,000 in cash is not allowed to be taken out of the country, with few exceptions. According to the State Customs Committee, Russian residents exported such amounts of money extremely seldom, as they prefer using plastic cards and other currency substitutes.

In experts' opinion, the new rules simplify customs procedures for Russians travelling abroad.

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