Sberbank CIB1, the corporate and investment banking business of Sberbank, organised the “Changes in Foreign Exchange Legislation of the Russian Federation: New Terms and New Opportunities 2018” conference for Sberbank’s corporate clients. Speakers gave participants detailed information about new foreign exchange control requirements.
The goal of the conference was to support clients during the transformation of business processes related to legislative changes. Conference participants could talk to experts in foreign exchange regulation about specific features of the application of legislation, discuss business cases and related situations, as well as familiarise themselves with requirements and recommendations regarding foreign exchange control during customs procedures.
The discussion focused on the repatriation of cash in terms of reflecting the expected deadlines in foreign trade agreements and practices of considering administrative violations in terms of currency operations.
Representatives of the three major institutions that regulate foreign economic activities delivered speeches at the conference: Head of the Financial Monitoring Sector of the Financial Monitoring and Foreign Exchange Control Department of the Bank of Russia Tatyana Grekova, Head of Foreign Exchange Control of the Moscow Administration of the Russian Federal Tax Service Andrei Dubrovin, and Deputy Head of the Trade Limitations, Foreign Exchange and Export Control Division of the Federal Customs Service Elena Ladozhina.
About 1,000 of Sberbank’s corporate clients participated in the event: 500 people attended the venue and more than 400 regional clients joined the event through video conference services.
“This conference is a good opportunity to learn about clients’ major problems through general discussions with regulators and create services that match the expectations of the clients involved in foreign trade activities as foreign exchange legislation changes,” said Sberbank’s Managing Director, Head of CIB’s Segment Analysis and Product Management Stella Kudachkina.
Changes in foreign exchange legislation will come into force on January 1, 2018. They are aimed at the liberalisation of existing foreign exchange control requirements in terms of reducing the load on residents.
Sberbank is Russia’s largest bank and a leading global financial institution. Sberbank holds almost one third of aggregate Russian banking sector assets, it is the key lender to the national economy and the biggest deposit taker in Russia. The Central Bank of the Russian Federation is the founder and principal shareholder of Sberbank owning 50% of the Bank's authorized capital plus one voting share, with the remaining 50% held by domestic and international investors. Sberbank has more than 145 million customers in 21 countries. Sberbank has the largest distribution network in Russia with almost 15,000 branches, and its international operations include UK, US, CIS, Central and Eastern Europe, India, China, Turkey and other countries.
Sberbank CIB is the corporate and investment banking business of Sberbank. Its key areas of activity are corporate finance (including trade finance), the documentary business2, investment banking services, trade operations with securities, and private equity. Sberbank’s corporate and investment banking business provides integrated financial solutions and investment advisory services to its clients, which include major corporations, financial institutions, sovereign states and federal and sub-federal government bodies and organisations.
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