New requirements for payments in Russian Roubles

1 June, 2020

Dear Client,

We would like to inform you that starting from June 1, 2020, the new regulatory requirements of Russian Federation for payments in Roubles are coming into force. In case of any outward transfers in Roubles made in favour of private individuals in Russian Federation, that fall under one of three types described below, the Income Type Code needs to be specified in section “Details of payment” or “Special instructions (if applicable)”, as follows:

  • “Income Type Code 1” - for salaries and other income type transfers, for which restrictions on the amount of withholding are established;
  • “Income Type Code 2” - for transfers of income, which cannot be levied (except compensations for health damage);
  • “Income Type Code 3” - for transfers related to compensations for health damage.

If the nature of transaction does not meet any of these types, then there is no need to put any value for the Income Type Code in the mentioned above fields.

For more information, please contact your Relationship Manager or RCB Telephone Banking: 800 00 722 (from Cyprus), +357 25 35 57 22 (from abroad), 8 800 100 7722 (from Russia), 800 62 722 (from Luxembourg).

Yours faithfully,
RCB Bank Ltd