Russia clarifies foreign account reporting rules when countries are removed from its financial data exchange list.
The Russian Federal Tax Service (FTS) has issued Guidance Letter No. D-4-17/17 on 29 May 2025, clarifying reporting requirements for residents with foreign bank accounts when countries are removed from Russia’s automatic financial data exchange list.
If a country is removed:
- Residents must still report all accounts in that country for the year it was removed, regardless of transaction amounts or balances.
- Exception: If an account was closed before the country’s removal, no report is needed—provided transaction amounts and balances met legal thresholds at closure.
Foreign exchange rules:
- Funds from non-residents can be freely credited to accounts in countries on the list at the time of the transaction.
- However, the Central Bank of Russia (2023 clarification) allows such transfers to any foreign account, regardless of location.
Reporting deadline: Residents must file annual reports on foreign account activity. The rules depend on whether the country was on the approved list as of December 31 of the reporting year.
- For 2024 filings, refer to the list in effect on 31 December 2024 (FTS Order No. ED-7-17/916@).
