Legislation that is needed to implement the FATCA regime in Russia was signed into law on June 30, 2014. The legislation authorizes Russian financial organizations to give information on foreign tax authorities that is needed to collect taxes and fees relating to income of foreign taxpayers. This does not apply for Russian citizens without having citizenship or a residence permit in another country (except Kazakhstan and Belorussia), Russian legal entities including those having citizenship of Kazakhstan and Belorussia and also have citizenship or a residence permit in another country.

The FATCA implementing legislation provides that foreign financial institution has to inform the account details of Russian citizens or their controlled foreign accounts to the Russian tax, Russian financial institutions must classify the foreign taxpayers among their clients and report this, when a client does not provide sufficient information about his or her status, the financial institution may close the account, financial institutions in Russia must notify certain Russia government entities (e.g., the Central Bank, the tax authority) about their FATCA registration with the IRS, Russian financial institutions must obtain waivers from clients for reporting and sharing the client information, before sharing the information with a foreign tax authority, Russian financial institutions must provide the information to Russian authorities (e.g., the Central Bank, the tax authority, etc.) for approval and penalties for non-compliance can be forced up to U.S. $30,000.