Clifford Chance

Currency Liberalisation

26 November 2019

Russia has broadened the permission for crediting individual and corporate accounts of its currency residents with foreign banks located in Eurasian Economic Union (the "EAEU") members and jurisdictions exchanging information under the OECD's Common Reporting Standard ("CRS") with retroactive effect, while "penalising" its own residents for having accounts in banks located in, and borrowing from residents of, non-exchanging states.

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