Russian central bank restricts transactions with Kazakhstani suppliers

Central Bank of Russia has limited the outflow of capital to Kazakhstan. The Russian banks now have to check the authenticity of documents on import transactions with Kazakhstan companies on the website of the Federal Tax Service, Tengrinews reports citing Izvestia.

The corresponding letter was sent to Russian commercial lenders. The emphasis in the document was made specifically on Kazakhstan.

Earlier, the Central Bank had warned that transactions on advance payment for goods by Russian companies to foreign contractors had to be identified as questionable. The Central Bank pointed out that it often happens that a Russian company pays for goods to a foreign party, but the goods end up never being imported. This is called fictitious import.

According to a source close to the Central Bank of Russia, the problem of fictitious imports is not so acute in Belarus, another member-state of the Customs Union and the Eurasian Union. In the letter, deputy chairman of the Central Bank of Russia Dmitry Skobelkin reminded the banks that they had to pay special attention to all transactions involving Kazakhstani companies and money transfers from Russian banks as per the Federal Anti-Money Laundering Law (115-FZ).

The problem of fictitious import arose because of the simplified trade turnover within the Customs Union, which requires only simple filling out of consignment vouchers on goods when crossing borders without any need for additional customs clearance.

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