The Treasurer’s Guide to Trade Finance

Russian Federation

Economic and trade overview

Key figures

Economy 2011 Trade 2011 (USD billion)

GDP (USD) 1,895 bn Goods Exports 513

GDP per capita (USD) 13,268 Imports 316

GDP volume growth (year-on-year) + 4.3% Net + 197

Population 142.84m Services Exports 58

MMR (year average) 3.93% Imports 93

Exchange rate RUB / USD (year average) 29.382 Net – 35

BoP (goods, services & income) as % of GDP + 5.4% Source: IFS, IMF, January 2013

International/Regional memberships

Commonwealth of Independent States

(CIS): since 8 December 1991.

Eurasian Economic Community (EurAsEC):

since 29 March 1996. Belarus, Kazakhstan,

Kyrgyzstan and Tajikistan are also members.

Uzbekistan is currently suspended.

International Monetary Fund (IMF):

since 1 June 1992.

World Trade Organization (WTO):

since 22 August 2012.

Government trade policy

ƒ Russia has negotiated free trade agreements

with all its fellow CIS member states.

ƒ A customs union between Russia, Belarus

and Kazakhstan entered into force on 5 July

2010, with all remaining customs border

controls lifted on 1 July 2011. The three

participants launched a common economic

space on 1 January 2012.

ƒ VTB Bank (www.vtb.com) and

Vnesheconombank (www.veb.ru) provide

export finance and state guarantees. VTB

Bank also provides finance for exported

covered by intergovernmental trade

agreements.

ƒ Russia has 15 special economic zones

(Federal Agency for Management of Special

Economic Zones — http://www.rosoez.ru).

Currency and exchange controls

Official currency: Russian ruble (RUB).

Exchange rate arrangement:

controlled floating.

ƒ The Central Bank of the Russian Federation

(www.cbr.ru) imposes exchange controls on

authorised banks. The Federal Service for

Fiscal and Budgetary Supervision

(www.rosfinnadzor.ru) imposes controls on

resident companies trading internationally.

ƒ Export proceeds are required to be credited to

residents’ foreign currency accounts. Resident

companies are able to hold proceeds in

accounts overseas in limited cases.

ƒ Securities issued/sold overseas by residents

require the prior authorisation of the Federal

Financial Markets Service (www.ffms.ru).

Bank accounts

Permission to hold currency accounts

Within

Russia

Outside

Russia

RUBForeign currency RUBForeign currency

Resident

company ✔ ✔ ✔

✔

Non-resident

company ✔ ✔ ✔

** N/A

* Provided the tax authorities are subsequently notified.

** Subject to certain restrictions.