The Updated List of States with Automatic Exchange of Information

The Federal Tax Service of Russia has approved a new List of States (Territories) with which the Russian Federation conducts automatic exchange of financial information (hereinafter referred to as the “List”). The new List has been significantly reduced, and all member States of the European Union have been entirely excluded from it.

The changes specify that, as of December 31, 2024, for individuals classified as currency residents of the Russian Federation (permanently residing in the Russian Federation), most operations involving the crediting of income from investment activities (such as coupon income, proceeds from the sale of securities and derivative financial instruments, and dividends) to accounts opened in countries outside the List will be considered illegal. At the same time, according to certain clarifications and decrees issued by relevant authorities, there is an alternative position that allows the possibility of crediting funds received from non-residents to foreign accounts for any reasons.

Please note that liability for conducting illegal currency operations on foreign bank accounts in jurisdictions not included in the approved List is established by Article 15.25, Part 1 of the Code of Administrative Offenses of the Russian Federation. The administrative fine ranges from 20% to 40% of the credited amount.