Note "Customs control zone" in Nizhny Novgorod Oil and Butter Plant.
Photo: Nikolay Cyiganov
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Customs Goes to Ruble Zone
// FTS will no longer accept euros for excisable goods payments
Russia’s Federal Customs Service (FTS) yesterday published order for putting the system of customs payments for importers of all excisable goods from euros to rubles. Thus, FTS has completely blocked the opportunity to pay import duties in foreign currency. Importers do not see any significant problems in the customs’ refusal to accept euros. Some difficulties might arise only for importers working with large foreign contracts.
Russia’s Federal Customs Service acknowledged ruble to be full-righted convertible currency. FTS published an order obliging all Russian importers to pay excisable goods duties in rubles, and not in euros, setting ˆ1 = 34 rubles rate.
Russian President Vladimir Putin asked the Ministry of Finance in May 2006 to switch to complete convertibility of Russia’s national currency. Thus, among other measures, it is necessary to secure that customs duties and taxes to the budget are paid in rubles only.
Customs brokers think the transition from euros to rubles will not damage the business. Moreover, it might even be easier for importers to make payments in national currency and not be dependent on the exchange rate’s fluctuations (euro rate fluctuates within 15 percent a year).
However, importers working with countries where ruble is not accepted (and most countries accept euros) might face difficulties. According to FTS and the Finance Ministry, the amount of customs payments in foreign currency did not exceed 10 percent in 2006.
www.kommersant.com
All the Article in Russian as of Jan. 25, 2007
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