FEDERAL LAW OF THE RUSSIAN FEDERATION

of December 10, 2003 No. 173-FZ

About currency control and currency exchange control

Accepted by the State Duma of the Russian Federation on November 21, 2003

Approved by Council of the Russian Federation on November 26, 2003

The purpose of this Federal Law is ensuring realization of single state monetarist policies, and also stability of currency of the Russian Federation and stability of the domestic foreign exchange market of the Russian Federation as factors of progressive development of national economy and international economic cooperation.

Chapter 1. General provisions

Article 1. The basic concepts used in this Federal Law

1. For the purposes of this Federal Law the following basic concepts are used:

1) currency of the Russian Federation:

a) the bank notes in the form of banknotes and coin of the Bank of Russia which are in circulation as legal means of cash payment in the territory of the Russian Federation, and also withdrawn or withdrawn from circulation, but subject to exchange the specified bank notes;

b) means on bank accounts and in bank deposits;

2) foreign currency:

a) bank notes in the form of banknotes, treasury notes, the coins which are in circulation and being legal means of cash payment in the territory of the corresponding foreign state (group of foreign states) and also withdrawn or withdrawn from circulation, but which are subject to exchange the specified bank notes;

b) means on bank accounts and in bank deposits in monetary units of foreign states and international cash or units of account, and also the national monetary unit of foreign state (group of foreign states) issued in digital form by national Central Bank of foreign state (group of foreign states) or other body of foreign state (group of foreign states) as which release of such monetary units enters, which is in circulation and being legal tender currency in the territory of the corresponding foreign state (group of foreign states);

3) internal securities:

a) issued securities which nominal value is specified in currency of the Russian Federation and which release is registered in the Russian Federation;

b) other securities certifying the right to currency of the Russian Federation, issued in the territory of the Russian Federation;

4) external securities - securities, including in paperless form, not belonging according to this Federal Law to internal securities;

4. 1) the digital rights according to provisions of Article 141.1 of the Civil code of the Russian Federation:

a) the digital rights which are currency values - the digital financial assets including monetary claims in foreign currency possibility of implementation of the rights on external issued securities and (or) the right to require transfer of external issued securities, and the digital rights including at the same time digital financial assets specified in this subitem and the utilitarian digital rights;

b) the digital rights which are not currency values - the digital financial assets including monetary claims in currency of the Russian Federation, possibility of implementation of the rights on internal issued securities, the rights of equity participation of non-public joint-stock company and (or) the right to require transfer of internal issued securities, the utilitarian digital rights, the digital rights including at the same time digital financial assets specified in this subitem and the utilitarian digital rights;

5) currency values - foreign currency, external securities, and also the digital rights which are currency values;

6) residents:

a) the physical persons who are citizens of the Russian Federation;

b) constantly living in the Russian Federation based on the residence permit, stipulated by the legislation the Russian Federation, foreign citizens and stateless persons;

c) the legal entities created in accordance with the legislation of the Russian Federation, except for the foreign legal entities registered according to the Federal Law "About the International Companies";

d) the branches which are outside the territory of the Russian Federation, representations and other divisions of the residents specified in the subitem "v" of this Item;

e) diplomatic representations, consular establishments of the Russian Federation, permanent missions of the Russian Federation in case of international (interstate, intergovernmental) the organizations, other official representations of the Russian Federation and representation of federal executive bodies which are outside the territory of the Russian Federation;

e) The Russian Federation, subjects of the Russian Federation, municipalities which act in the relations regulated by this Federal Law and other Federal Laws and other regulatory legal acts accepted according to it;

7) nonresidents:

a) the physical persons which are not residents according to subitems "an" and "b" of Item 6 of this part;

b) the legal entities created according to the legislation of foreign states and having the location outside the territory of the Russian Federation;

c) the organizations, not being legal entities, created according to the legislation of foreign states and having the location outside the territory of the Russian Federation;

d) the diplomatic representations accredited in the Russian Federation, consular establishments of foreign states and permanent missions of the specified states under interstate or intergovernmental organizations;

e) interstate and intergovernmental organizations, their branches and permanent missions in the Russian Federation;

e) the branches which are in the territory of the Russian Federation, permanent missions and other isolated or independent structural divisions of the nonresidents specified in subitems "b" and "v" of this Item;

e. 1) the foreign legal entities registered according to the Federal Law "About the International Companies";

g) the other persons who are not specified in Item 6 of this part;

8) authorized banks - the credit institutions created in accordance with the legislation of the Russian Federation and having the right based on licenses of the Central bank of the Russian Federation to perform banking activities with means in foreign currency;

9) currency transactions:

a) acquisition by the resident at resident and alienation by the resident for benefit of resident of currency values on legal causes, and also use of currency values as instrument of payment;

b) acquisition by the resident at the nonresident or the nonresident at resident and alienation by the resident for benefit of the nonresident or the nonresident for benefit of resident of currency values, currency of the Russian Federation, internal securities, digital rights which are not currency values on legal causes, and also use of currency values, currencies of the Russian Federation, the internal securities and digital rights which are not currency values as instrument of payment;

c) acquisition by the nonresident at the nonresident and alienation by the nonresident for benefit of the nonresident of currency values, currencies of the Russian Federation, internal securities, digital rights which are not currency values on legal causes, and also use of currency values, currencies of the Russian Federation, the internal securities and digital rights which are not currency values as instrument of payment;

d) import to the Russian Federation and export from the Russian Federation of currency values, currencies of the Russian Federation and internal securities;

e) transfer of foreign currency, currency of the Russian Federation, internal and external securities from the account opened outside the territory of the Russian Federation into the account of the same person opened in the territory of the Russian Federation and from the account opened in the territory of the Russian Federation into the account of the same person opened outside the territory of the Russian Federation;

e) transfer of currency of the Russian Federation by the nonresident, internal and external securities from the account (from the Section of the account) opened in the territory of the Russian Federation into the account (the Section of the account) of the same person opened in the territory of the Russian Federation;

g) currency transfer of the Russian Federation from the account of the resident opened outside the territory of the Russian Federation into the account of other resident opened in the territory of the Russian Federation and from the account of the resident opened in the territory of the Russian Federation into the account of other resident opened outside the territory of the Russian Federation;

h) currency transfer of the Russian Federation from the account of the resident opened outside the territory of the Russian Federation into the account of other resident opened outside the territory of the Russian Federation;

i) currency transfer of the Russian Federation from the account of the resident opened outside the territory of the Russian Federation into the account of the same resident opened outside the territory of the Russian Federation;

10) was effective till January 1, 2007

11) ceased to be valid according to the Federal Law of the Russian Federation of 21.11.2011 No. 327-FZ.

2. The institutes used in this Federal Law, concepts and terms of the civil and administrative legislation of the Russian Federation, other industries of the legislation of the Russian Federation are applied in that value in what they are used in these industries of the legislation of the Russian Federation if other is not provided by this Federal Law.

The rights and obligations established by this Federal Law concerning the federal executive bodies having the representations which are outside the territory of the Russian Federation extend to other federal state bodies having the foreign device or representations which are outside the territory of the Russian Federation in the structure.

Currency transactions with the digital rights are performed in information systems of operators of information systems in which release of digital financial assets, according to requirements of the Federal Law of July 31, 2020 No. 259-FZ "About digital financial assets, digital currency and about modification of separate legal acts of the Russian Federation", and also in investment platforms of operators of investment platforms according to requirements of the Federal Law of August 2, 2019 No. 259-FZ "About investment attraction with use of investment platforms and about modification of separate legal acts of the Russian Federation is performed".

Article 2. The coverage of this Federal Law and the relation regulated by this Federal Law

This Federal Law establishes the legal basis and the principles of currency control and currency exchange control in the Russian Federation, powers of bodies of currency control, and also determines the rights and obligations of residents concerning ownership, use and the order of currency of the Russian Federation, internal securities outside the territory of the Russian Federation, the digital rights in the territory of the Russian Federation, currency values, the rights and obligations of nonresidents concerning ownership, use and the order of the currency values, the digital rights which are not currency values, in the territory of the Russian Federation, currency of the Russian Federation, internal securities, the rights and obligations of bodies of currency exchange control and agents of currency exchange control (further also - bodies and agents of currency exchange control).

Article 3. Principles of currency control and currency exchange control

The basic principles of currency control and currency exchange control in the Russian Federation are:

1) priority of economic measures in realization of state policy in the field of currency control;

2) exception of unjustifiable interference of the state and its bodies in currency transactions of residents and nonresidents;

3) unity of foreign and domestic monetarist policies of the Russian Federation;

4) unity of system of currency control and currency exchange control;

5) ensuring with the state protection of the rights and economic interests of residents and nonresidents when implementing currency transactions.

Article 4. Foreign exchange legislation of the Russian Federation, acts of bodies of currency control and acts of bodies of currency exchange control

1. The foreign exchange legislation of the Russian Federation consists of this Federal Law and the Federal Laws adopted according to it (further - acts of the foreign exchange legislation of the Russian Federation).

Bodies of currency control publish regulatory legal acts concerning currency control (further - acts of bodies of currency control) only in the cases provided by this Federal Law.

2. The international agreements of the Russian Federation are applied to the relations specified in article 2 of this Federal Law, directly, except as specified, when follows from the international treaty of the Russian Federation that its application requires the publication of the interstate act of the foreign exchange legislation of the Russian Federation.

If the international treaty of the Russian Federation establishes other rules, than those which are provided by this Federal Law are applied rules of the specified international treaty.

The decisions of interstate bodies made based on provisions of international treaties of the Russian Federation in their interpretation contradicting the Constitution of the Russian Federation are not subject to execution in the Russian Federation. Such contradiction can be established according to the procedure, determined by the Federal constitutional Law.

3. Acts of the foreign exchange legislation of the Russian Federation and acts of bodies of currency control are applied to the relations which arose after the introduction of the specified acts owing to, except as specified, directly provided by this Federal Law or other Federal Laws.

To the relations which arose before entry into force of the relevant acts of the foreign exchange legislation of the Russian Federation and acts of bodies of currency control, the specified acts are applied regarding the rights and obligations which arose after their introduction in force.

4. The acts of the foreign exchange legislation of the Russian Federation and acts of bodies of currency control establishing new obligations for residents and nonresidents or worsening their situation have no retroactive force.

The acts of the foreign exchange legislation of the Russian Federation and acts of bodies of currency control canceling restrictions for implementation of currency transactions or otherwise improving provision of residents and nonresidents, can have retroactive force if directly provide it.

Acts of the foreign exchange legislation of the Russian Federation and acts of bodies of currency control are subject to official publication.

Unpublished acts of the foreign exchange legislation of the Russian Federation and acts of bodies of currency control are not applied. Requirements of this paragraph do not extend to the acts or separate provisions of acts of bodies of currency control containing the data which are the state secret according to the Law of the Russian Federation of July 21, 1993 No. 5485-I "About the state secret".

5. Bodies of currency exchange control can issue acts of currency exchange control on the questions carried to their competence (further - acts of bodies of currency exchange control), only in the cases and limits provided by the foreign exchange legislation of the Russian Federation and acts of bodies of currency control. Acts of bodies of currency exchange control shall not contain the provisions concerning questions of currency management.

6. All ineradicable doubts, contradictions and ambiguities of acts of the foreign exchange legislation of the Russian Federation, acts of bodies of currency control and acts of bodies of currency exchange control are interpreted for benefit of residents and nonresidents.

7. The provisions of this Federal Law and other acts of the foreign exchange legislation of the Russian Federation establishing the rights and obligations of authorized banks and providing implementation of banking activities by them with means in foreign currency are applied to the state corporation of development "ВЭБ.РФ" when implementing of the functions provided by the Federal Law of May 17, 2007 No. 82-FZ "About the state corporation of development "ВЭБ.РФ" by it.

Chapter 2. Currency control

Article 5. Bodies of currency control

1. Bodies of currency control in the Russian Federation are the Central bank of the Russian Federation and the Government of the Russian Federation.

2. For realization of the functions provided by this Federal Law, the Central bank of the Russian Federation and the Government of the Russian Federation issue within the competence the acts of bodies of currency control obligatory for residents and nonresidents.

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