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Russian Central Bank Instruction for making of cash payments.

On 23 April 2014 the Russian Ministry of Justice registered the Russian Central Bank’s Instruction dated 7 October 2013 No.3073-U “On making of cash payments”. The document will come into force following its publication. The Central Bank Instruction introduces a number of restrictions on cash payments of legal entities and private entrepreneurs.

Specifically, money in the till from the sale of goods and provision of services can only be used for the payment of wages, insurance indemnities, payment for goods needed for the business of the company or individual entrepreneur, compensation to employees for accountable expenses, and return of money for goods that were previously paid for.

Individual entrepreneurs may spend money for purposes not related to performance of their entrepreneurial activities.

The Central Bank specified restrictions on cash settlements between legal entities. The limit remains the same (100,000 rubles), but the Central Bank Instruction imposes a reservation: this limit applies in respect of a single agreement during the period of its validity and after termination of its validity.

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