On 2 December 2019, the President of the Russian Federation signed Federal Law No. 398-FZ (“Law No.398-FZ”) which made the latest significant amendments to the Federal Law on Currency Regulation and Currency Control (the “Currency Regulation Law”). The amendments, that were adopted, will affect individuals who are currency residents of Russia (“Residents”) and have accounts at foreign banks.

On August 2, 2019, the President of the Russian Federation signed Federal Law No. 265-FZ (the “Law”) amending the Federal Law on Currency Regulation and Currency Control (the “Currency Regulation Law”).