FEDERAL LAW OF THE RUSSIAN FEDERATION

of October 16, 2019 No. 341-FZ

About introduction of amendments to articles 19 and 23 of the Federal law "About Currency Control and Currency Exchange Control" regarding implementation of currency transactions between residents and nonresidents with use of translated (transferabelny) letters of credit

Accepted by the State Duma on September 26, 2019

Approved by the Federation Council on October 9, 2019

Bring in the Federal Law of December 10, 2003 No. 173-FZ "About currency control and currency exchange control" (The Russian Federation Code, 2003, No. 50, Art. 4859; 2005, No. 30, Art. 3101; 2007, No. 1, Art. 30; No. 29, Art. 3480; 2010, No. 47, Art. 6028; 2011, No. 29, Art. 4291; No. 30, Art. 4584; No. 50, Art. 7348, 7351; 2013, No. 30, Art. 4084; 2014, No. 11, Art. 1098; No. 45, Art. 6154; 2015, No. 27, Art. 3972; No. 48, Art. 6716; 2016, No. 27, Art. 4218; 2017, No. 47, Art. 6851; 2018, No. 1, Art. 11; No. 15, Art. 2035; No. 31, Art. 4835, 4837; No. 49, Art. 7524; 2019, No. 30, Art. 4148; No. 31, Art. 4424) following changes:

Article 19 to add 1) with parts 6 and 7 of the following content:

"6. The resident is recognized fulfilled the duty provided by this Article if he provided in the terms provided by the corresponding agreement in foreign trade (contract) on transfer to the nonresident of goods, accomplishment for it of works about rendering services to it, about transfer to it of information and results of intellectual activities, including exclusive rights on them, or the agreement on provision by the resident of foreign currency or currency of the Russian Federation in the form of loan to the nonresident, obtaining on the bank accounts in authorized banks or in the cases established by part 2 of this Article in banks outside the territory of the Russian Federation of foreign currency or currency of the Russian Federation which is due in accordance with the terms of such agreements (contracts) or return to the Russian Federation of money, paid to nonresidents according to the agreements in foreign trade (contracts) signed with them for not imported into the Russian Federation (not received in the territory of the Russian Federation) goods, outstanding works, not rendered services, not transferred information and results of intellectual activities, including exclusive rights on them, in each case less the amounts of commission fee paid to corresponding banks for implementation of transactions on money transfer.

7. The resident who is the receiver of means in accordance with the terms of the translated (transferabelny) letter of credit when implementing calculations within the agreement in foreign trade (contract) signed with the nonresident for the goods transferred to the nonresident, the works rendered to him services performed for it, transferred to it information and results of intellectual activities, including exclusive rights to them is recognized fulfilled duty, stipulated in Item 1 parts of 1 this Article if it provided in the terms provided by such agreement (contract), obtaining in accordance with the terms of the translated (transferabelny) letter of credit from the bank located outside the territory of the Russian Federation or from authorized bank which is given the remittance order of the translated (transferabelny) letter of credit (the performing bank) foreign currency and (or) currency of the Russian Federation on the bank accounts in authorized banks and (or) on bank accounts in authorized banks of the second receiver of means - resident (the second receivers of means - residents) to which, (which) execution of the translated (transferabelny) letter of credit in accordance with the terms of the agreement signed between the resident who is the receiver of means, and the second receiver of means (the second receivers of means) shall be made.";

2) regarding the 4th Article 23:

a) add Item 9 with words "; invoices; drafts";

b) add with Item 22 following of content:

"22) the agreements signed between residents and connected with the conclusion and execution of agreements in foreign trade (contracts) on transfer to nonresidents of goods, accomplishment for them of works on rendering services to them, about transfer to them of information and results of intellectual activities, including exclusive rights on them, when implementing calculations with use of the translated (transferabelny) letter of credit; the documents determining conditions of such translated (transferabelny) letter of credit including the notice of the bank which opened the translated (transferabelny) letter of credit, containing conditions of the translated (transferabelny) letter of credit, the order of the receiver of means - resident on transfer of the letter of credit for benefit of the second receiver of means - resident (the second receivers of means - residents) to which, (which) execution of the translated (transferabelny) letter of credit in accordance with the terms of the agreement signed between the resident who is the receiver of means, and the second receiver of means (the second receivers of means), the notice of authorized bank which is the representative on the transfer of the translated (transferabelny) letter of credit (performing bank), on transfer of the letter of credit for benefit of the second receiver of means - resident shall be made (the second receivers of means - residents).".

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