Stricter Legislation for Foreign Borrowers in Russia

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In April this year, currency repatriation prerequisites in Russia were stretched out to include loans issued by Russian nationals to foreign lenders, effectively reducing the opportunities for organisations to move finances abroad through non-repayable advances.

The new commitments and penalties for Russian banks and lenders will make life substantially harder for residents, who should now ensure they receive foriegn or Russian funds from non-local borrowers through accounts with approved banks, and inside the terms set up in future loan agreements.