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The execution of a transaction passport

To perform currency operations within the framework of foreign trade and credit contracts with non-residents, a resident customer should execute a transaction passport with respect to the concluded contracts (in cases provided for by the legislation).

The requirement for executing a transaction passport is applicable to contracts between a non-resident and a resident involving the following subjects of a contract:

  • the export of goods from / import of goods to the RF customs territory (export / import of goods);
  • work performed, services provided, information and results of intellectual activity (including the exclusive rights thereto) transferred (export / import of services);
  • granting loans in foreign currency and RF currency by residents to non-residents;
  • residents receiving credits and loans in foreign currency and RF currency from non-residents under credit contracts.

For the attention of resident customers

According to the Ordinance of the Bank of Russia No. 2557-U dated 29.12.2010, the requirements on the procedure for executing transaction passports in respect of foreign trade contracts (agreements) between a resident and a non-resident have changed as of February 28, 2011:

  • a transaction passport is executed if the total amount of the contract (agreement) exceeds the equivalent of USD 50 thousand (at the official rate of the foreign currency to the ruble determined by the Bank of Russia as of the date of concluding the contract or, in case of a change in the amount of the contract, as of the date of concluding the latest amendments (additions) to the contract that provided for such changes).

The requirements on the procedure for the execution of a transaction passport for credit (loan) contracts are applicable to the contracts between a resident and a non-resident the total amount of which exceeds the equivalent of USD 5 thousand (at the official rate of foreign currencies to ruble determined by the Bank of Russia as of the date of concluding the credit contract or, in the case of a change in the amount of the credit contract, as of the date of concluding the latest amendments (additions) to the credit contract that provided for such changes).

We would also like to draw the attention of resident customers to a change in the time limit for submitting the documents to charge funds in foreign currency placed on a bank account – within 15 business days from the date of sending the foreign currency to a resident’s account with the Bank.

Documents required for the execution of a transaction passport:

  1. For all foreign trade contracts and credit contracts:
    • the two counterparts of the completed transaction passport;
    • certified copies of the documents constituting the grounds for the performance of the currency operations (the contract, agreement);
    • certified copies of other documents as specified in Part 4, Article 23 of Federal Law No. 173-FZ (which may be requested additionally by a currency controller);
  1. Additionally, for contracts with a non-resident counterparty, that are registered in a state or on a territory with beneficial tax treatment (according to the list set out in Annex 1 to the Ordinance of the Bank of Russia dated 07.08.2003 No. 1317-U):
    • copies of the documents acknowledging the status of the non-resident legal entity (the Articles of Association/the Charter, the resolution on the establishment, the certificate of state registration/an extract from trade register, etc.);
    • copies of the internal documents (orders, minutes) on the appointment of the head of the non-resident legal entity;
    • copies of the internal documents (orders, minutes) on the appointment (election) of the officers of the legal entity who are empowered to conclude contracts;
    • copies of the documents acknowledging the right of the non-resident to perform currency operations, issued by authorities of the state in which the non-resident is registered (if that is provided for by the legislation of the foreign state).

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