On 15 November 2010, the President signed Federal Law No. 294-FZ amending the Banking Law and the Currency Control Law. The Law will enter into force on 18 February 2010.

The amendments seek to increase the efficiency of currency control in Russia by improving the exchange of information among the entities exercising such control.

According to the amendments, tax and customs authorities may request Russian banks to share copies of documents they have needed for investigating of breaches of currency regulations. The documents that may be requested are listed in the law and include, among others, contracts underlying currency operations, bank control sheets, bank statements, transaction passports and customs declarations. Banks are allowed at least seven business days to provide the documents.

Russian banks, in turn, may request information from:

The amendments expressly provide that the above exchange of documents and information among currency control agents (for example; banks, tax and customs authorities) is not regarded as a breach of commercial, banking, tax or official secrecy. A similar rule is set forth for the exchange of documents and information among currency control bodies (for example; the Central Bank and the Federal Service on Finance and Budget Supervision), as well as among currency control agents and currency control bodies. The amendments expressly provide that the above exchange of documents and information among currency control agents (for example; banks, tax and customs authorities) is not regarded as a breach of commercial, banking, tax or official secrecy. A similar rule is set forth for the exchange of documents and information among currency control bodies (for example; the Central Bank and the Federal Service on Finance and Budget Supervision), as well as among currency control agents and currency control bodies.

On 16 September 2010, the Central Bank issued Instruction No. 136-I regarding the performance by Russian banks of cash foreign currency operations involving individuals. The Instruction entered into force on 1 November 2010 and invalidated Central Bank Instruction No. 113-I, dated 28 April 2004, on the same matter.

Instruction No. 136-I represents an updated version of Instruction No. 113 I on the same matter. The update was necessary because the previous regulation contained a number of rules on operation of exchange offices, whereas they had to be either closed or transformed into other type of a bank's subdivision until 1 October 2010.