The Russian Finance Ministry has suggested redefining the notion of a resident in the law “On currency regulation and currency control” and omitting from it Russian citizens having a residence permit or a working or study visa in a foreign state. A corresponding bill was posted on the ministry website on February 21.

It is also suggested to bind residents executing foreign trade deals to inform authorized banks about the expected deadlines of receiving currency from nonresidents for delivered commodities, about fulfilled services and also about the expected delivery deadlines.

In addition it specifies the list of information that should be stated in the deal certificate. Thus, such a certificate should state its number and the date of issuance, information about the resident and the foreign party, a general description of the foreign trade deal, the sum and currency of the deal, information about the authorized bank and the grounds for closing the deal certificate.

If approved, the bill will come into force six months after its promulgation.