Foreign-exchange control and foreign-account notification

This page is for Turkish citizens living in Russia who have a bank account in Türkiye or another country. Russia's foreign-exchange legislation (Federal Law 173-FZ) ties obligations to the concept of a "foreign-exchange resident." If you live in Russia with a residence permit (ВНЖ), you are a foreign-exchange resident and must report your accounts in Türkiye to the Russian tax administration. If you live with a visa or temporary residence permit (РВП), you are not a foreign-exchange resident. Below you will find who is a resident, how to submit the notification and annual report, exemptions, penalties, and rules for carrying cash.

• Under Article 1 of 173-FZ, foreign-exchange residents (резиденты) are:
  • Russian citizens
  • Foreign nationals and stateless persons permanently living in Russia with a residence permit (вид на жительство, ВНЖ)
  • Legal entities established under Russian law, including an ООО you established in Russia
• Individuals who do not fall within this definition are not foreign-exchange residents (нерезиденты). Turkish citizens staying with a visa or temporary residence permit (РВП) belong to this group.
• If you are both a Turkish and Russian citizen, you are a foreign-exchange resident as a Russian citizen.
• Do not confuse this with tax residency: tax residency depends on the number of days you spend in Russia (183 days in 12 months) (see R9.1). Foreign-exchange residency depends on citizenship and residence status.

• As a rule, foreign-exchange residents may freely open accounts with banks and financial institutions abroad (Article 12/1).
• When you open or close an account, or when account details change, you must notify your tax office within 1 month (Article 12/2).
• Which tax office to notify:
  • the tax office connected to your place of residence
  • if you have no place of residence, the tax office at your place of stay (место пребывания)
  • if neither exists, the tax office where your real estate in Russia is located
  • if none of these applies, any tax office you choose
• The notification form is established by Order No. СД-7-14/349@ of the Federal Tax Service dated April 26, 2024. There are separate forms for opening or closing an account and for changes to account details.
• Ways to submit the notification:
  • in person at the tax office
  • by registered mail with acknowledgment of receipt
  • online with an electronic signature
  • through the taxpayer's personal account (личный кабинет налогоплательщика)

• Foreign-exchange resident individuals must submit an annual report on movements of money and other financial assets in their foreign accounts.
  • Deadline: June 1 of the year following the reporting year
  • If the account is closed during the year: the report must be submitted within 1 month after closure, together with the closure notification
• The report form is established by Resolution No. 1365 of the Russian Government dated December 12, 2015.
• When a report is not required. Both conditions must be met:
  • the account must be in a country of the Eurasian Economic Union or in a country that automatically exchanges financial information with Russia
  • the total amount credited to or withdrawn from the account during the year must not exceed 600,000 rubles. If no money was credited to the account during the year, the year-end balance must not exceed 600,000 rubles
• Foreign-currency amounts are converted into rubles at the Bank of Russia exchange rate on December 31 of the year.
• Türkiye is on the list: Türkiye is ranked 64th on the list of countries participating in automatic information exchange, published by Federal Tax Service Order No. ЕД-7-17/883@ dated October 14, 2025.
• Reports are also required for electronic payment instruments of foreign payment service providers, such as electronic wallets. No report is required if the total amount credited to the instrument during the year does not exceed 600,000 rubles.

• The notification and reporting rules for foreign accounts do not apply to foreign-exchange resident individuals who spend a total of more than 183 days outside Russia in a calendar year (Article 12/8).
• Therefore, if you did not submit notifications and in a subsequent year the time you spend outside Russia falls to 183 days or less, by June 1 of the following year you must:
  • notify the authorities of the opening, closing, and changes to your foreign accounts
  • submit your transaction reports
• Keep records of your days abroad so that you can prove them using the entry and exit stamps in your passport.

• Submitting the notification late or using the wrong form: 1,000–1,500 rubles
• Failing to submit the notification: 4,000–5,000 rubles
• Submitting the report in violation of the required procedure: 2,000–3,000 rubles
• Submitting the report late:
  • up to 10 days late: a warning or 300–500 rubles
  • 10–30 days late: 1,000–1,500 rubles
  • more than 30 days late: 2,500–3,000 rubles
• Prohibited or non-compliant foreign-exchange transactions, such as transactions carried out by bypassing authorized banks: 20–40% of the transaction amount

• Because you are not a foreign-exchange resident, the foreign-account notification and annual reporting rules on this page do not apply to you.
• Since December 8, 2025, the Bank of Russia has lifted limits on transfers of foreign currency abroad for Russian citizens and non-resident individuals from friendly countries.
• Türkiye is not on Russia's list of "unfriendly countries" (see R9.4).
• For cards, money transfers, and opening a bank account in Russia, see R8.1 and R8.2.
• You become a foreign-exchange resident as soon as you obtain a ВНЖ. After that date, report any foreign accounts you open within 1 month.

• Foreign currency and rubles may generally be brought into or taken out of Russia in compliance with the rules of the Eurasian Economic Union (EAEU) and Russian customs rules (Article 15 of 173-FZ).
• Cash and traveler's checks exceeding the equivalent of 10,000 US dollars in a single transaction must be declared in writing at customs using a passenger customs declaration (Article 260 of the EAEU Customs Code).
• The declaration states the source and owner of the money, where it will be used, and the route of transportation (Article 260/17).
• Since March 2, 2022, taking more than the equivalent of 10,000 US dollars in foreign cash out of Russia has been prohibited (Decree No. 81, March 1, 2022).
• Penalty for undeclared cash: a fine ranging from half to twice the undeclared amount, or confiscation of the money (Article 16.4 of the Administrative Offenses Code).
• For the rules when entering Türkiye, see O1.8; for practical information before traveling, see R1.8.

• Companies established under Russian law are foreign-exchange residents (Article 1 of 173-FZ).
• If the company opens an account abroad, it must notify the tax office within 1 month. When making the first transfer to this account from its authorized bank in Russia, it must provide the bank with a copy of the notification bearing the tax office's acceptance mark.
• Foreign-trade contracts also involve additional obligations, such as receiving export proceeds in authorized bank accounts in Russia on time. Penalties for failing to comply with these obligations are regulated by Article 15.25 of the Administrative Offenses Code.
• Consult your bank's foreign-exchange control department and your financial adviser about your company's foreign-exchange transactions.

• Federal Tax Service of Russia (ФНС России) — notifications and reports
  • Information line: +7 800 222-22-22 (within Russia)
  • Personal account (личный кабинет налогоплательщика): lkfl2.nalog.ru
  • Your tax office: the "Address and payment details of your tax office" service
  • Appointments: order.nalog.ru
• Bank of Russia (Банк России) — foreign-exchange transfer rules and complaints concerning banks
  • Address: 12 Neglinnaya Street, Building V, 107016 Moscow
  • Telephone: +7 499 300-30-00; +7 800 300-30-00 (within Russia); from a mobile phone, 300 (free)
  • Written applications: the Bank of Russia's online application page

• Forgetting to report bank accounts in Türkiye after obtaining a ВНЖ.
• Thinking, "The money in my account is below 600,000 rubles, so no notification is required." The 600,000-ruble exemption applies only to the annual report.
• Missing the report deadline (June 1).
• Confusing tax residency with foreign-exchange residency.
• Taking cash foreign currency exceeding the equivalent of 10,000 US dollars when leaving Russia.
• Failing to declare cash exceeding the equivalent of 10,000 US dollars at customs.

• I work in Russia with a visa. Do I need to report my account in Türkiye to Russia? No. You are not a foreign-exchange resident. However, if you stay in Russia for more than 183 days, you may become a tax resident (see R9.1).
• What should I do about Turkish accounts I opened before obtaining a ВНЖ? The notification obligation under the law concerns the opening, closing, and changes to account details. Ask your tax office in writing what you should do about accounts opened previously.
• Can I submit the notification online? Yes. You can submit it through the taxpayer's personal account or online with an electronic signature.
• Do I need to submit an annual report for my account at a Turkish bank? Türkiye is on the automatic information exchange list. No report is required if the total amount credited to the account during the year does not exceed 600,000 rubles. If it exceeds that amount, submit the report by June 1.
• How much cash foreign currency can I take out of Russia? Up to the equivalent of 10,000 US dollars. Amounts above this have been prohibited since March 2, 2022.
• What happens if I submit the notification late? A fine of 1,000–1,500 rubles. If you do not submit it at all, the fine is 4,000–5,000 rubles.

• Foreign account opening or closing notification form (PDF)
• Notification form for changes to foreign account details (PDF)
• Government Resolution No. 1365: annual reporting procedure and form
• List of countries participating in automatic information exchange (PDF)
• Taxpayer's personal account
• Tax office address search
• Federal Law 173-FZ: foreign-exchange regulation and control (full text)
• Bank of Russia — announcement on the removal of transfer limits