Currency import and export regulations

As from July 31, 2005, the new amendments are introduced in Russia concerning the rules on conveyance of foreign currencies, Russian rubles, securities and traveler's cheques by physical persons across the customs border of the Russian Federation.

 Currently the following rules and regulations are applied:

• Foreign currencies and Russian rubles in cash, traveler's cheques as well as Russian and foreign certified securities imported by physical persons into Russia, provided their total equivalent value is in excess of USD 10 000 are subject to declaration to the customs authorities by filing a customs written declaration, whereas no quantitative restrictions on importation of these valuables by physical persons are applicable.
  
• Traveler's cheques imported into the Russian Federation are subject to a mandatory written declaration if their total amount (inclusive of a lump-sum of foreign currencies, Russian rubles, domestic and foreign certified securities) exceeds USD 10 000. Traveler's cheques exported from the Russian Federation are subject to mandatory written declaration by physical persons if their total value exceeds USD 10 000 (exclusive of the value of other exported valuables). In other cases, exported traveler's cheques can be declared by physical persons at will.
  
• The exportation of cash assets (both foreign currency and rubles) amounting to a total equivalent of USD 10 000 is not allowed, except for previously imported amounts of foreign currencies and rubles, which may be exported in excess of USD 10 000 if their previous importation or remittance is acknowledged by relevant customs declarations or other documents. Exportation of assets not exceeding an equivalent of USD 10 000 is permitted and does not require submission to the customs authorities of any documents in witness of the fact that exported currency had been previously imported, remitted to or acquired in the Russian Federation.
  
• Exportation of Russian rubles must be declared if the amount exceeds USD 3000 (including the amount of exported foreign currency).
  
• Exported cash assets (foreign currency and Russian rubles), not exceeding the total amount of USD 3000, are not subject to written declaration by the travellers.