If you doing business in Russian Federation (“Russia”), you should be aware of the following:

• Fiscal transations shall be conducted in rubles (RUB), the national official currency.
• RUB payment transactions both in and out of Russia are strictly governed by the government and the Russian Central Bank.
• Foreign currency payments or RUB transfers between a Russian resident and a non-resident are strictly supervised by the Russian authorities.
• Special requirements will be applied to resident companies for certain commercial transactions. 
• Violation of the currency regulations could be subject to suspension or incur various penalties.
• Violators may bear civil, administrative or criminal liabilitities and sanctions can be imposed on legal entities and individuals including company executives.

If you are looking to invest in Russia and need further assistance in fiscal transactions, our international legal and tax experts can help you to evaluate specific risks and provide you the best solutions.

For further information, please contact Horizons at country.partners@horizons-advisory.com and our Partner in charge will be in touch.