The Ministry of Finance of the Russian Federation will consider the proposal of the Association of Banks of Russia (ADB) to increase the undeclared limit on the import of foreign currency into the country. This was reported to Izvestia in the press service of the department on February 17.
“The initiative will be considered by the Russian Ministry of Finance,” they noted there.
The day before, ADB Vice President Alexei Voylukov told the agency “RIA News”that the association is preparing a proposal to increase the undeclared limit on the import of foreign currency into Russia by 10 times – up to $100,000. According to him, due to sanctions, most credit institutions cannot buy dollars and euros and import them into the country, as it was before, therefore, inside the Russian Federation “it is not so that there is a lot of free currency.” Also, small companies need currency for business operations.
Rosfinmonitoring, according to the agency, believes that an increase in the ceiling for the import of foreign currency in cash may lead to an increase in the risk level of the use of such a channel by “cash couriers”, which are also associated with criminal structures.
Earlier, on December 23, the press service of the Federal Customs Service told Izvestia that from January 1 to December 15, 2022, 57 criminal cases were initiated by the customs authorities of the Russian Federation on the facts of illegal import of cash. For the same period in 2021, 45 cases were initiated.
According to the EAEU Customs Code, funds exceeding the equivalent of $10,000 at the current exchange rate are subject to declaration.
