Dec 30, 2020
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Russians will be obliged to inform the Federal Tax Service about large transfers through foreign wallets

The head of the Russian Federation, Vladimir Putin, signed a law obliging residents of Russia, from July 1, 2021, to inform the Federal Tax Service (FTS) about large transfers through foreign electronic wallets. The corresponding document is published on the official portal of legal information.

It involves the preparation by citizens of reporting on financial transactions without opening a bank account using online services provided by foreign developers, if the amount of such transactions exceeds 600 thousand rubles per year.

At the moment, Russians who carry out operations in foreign currency outside the Russian Federation and open bank accounts for this are required to report to the Federal Tax Service, but there are no such requirements for electronic wallets, it says in the document.

It is assumed that the innovation will increase the efficiency of foreign exchange legislation control, help strengthen information security and reduce the risks of money laundering and terrorist financing.

In addition, Putin signed a law on state regulation of prices for socially important goods and a federal law on countering censorship against Russian media on foreign Internet platforms. The leader also approved a law on calling any emergency services by calling 112. Now this system operates in 56 regions of the country. Now it will be extended to the entire Russian Federation. The document was published on December 30, 2020 on the official portal of legal information. It will enter into force on January 1, 2022.

As reported, Russian President Vladimir Putin said that the authorities are forced to respond to the blocking of social networks in the country by foreign resources. He called the blocking actions censorship. The head of state believes that it is necessary to react to this in such a way “so as not to shoot oneself in the foot.”


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