The Federal Law entitles authorised banks to refuse to conduct currency transactions for clients if the transactions violate provisions of the currency legislation of the Russian Federation and also in cases when clients fail to submit documents, or submit unauthentic documents or documents not in compliance with existing regulations.
The law specifies the list of information to be submitted by residents to authorised banks when conducting foreign economic activities.
The Federal Law also specifies the provisions of the Code of Administrative Offenses of the Russian Federation that provide for liability for conducting illegal currency transactions or violating the repatriation requirement.