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Regulation No. 54 of 1997 of the Central Bank regarding the rules of settlements in foreign currency based on offset of mutual claims between the Russian ship-owners engaged in fisheries and non-residents providing them with agency services.

Country/Territory
Russian Federation
Document type
Regulation
Date
1997
Source
FAO, FAOLEX
Original source
Official copy.
Subject
Fisheries
Keyword
Marine fisheries Fishing vessel Offences/penalties Dispute settlement
Geographical area
Arctic, Asia and the Pacific, Black Sea, Caspian Sea, CIS (Commonwealth of Independent States), Eastern Europe, Europe, Europe and Central Asia, North Pacific, North-West Pacific
Entry into force notes
Entry into force from the date of its official promulgation.
Abstract

In conformity with Article 9 of the Russian Currency Regulation and Currency Control Law, the Central Bank has worked out the present Regulation. Settlements in foreign currency based on offset of mutual claims shall be taken to mean settlements by book entry under which debtors' and creditors' mutual claims and liabilities are cleared off in equivalent sums, with payment made only to cover the difference, in the manner established by this regulation. Settlements in foreign currency based on offset of mutual claims in accordance with Ship Owners' accounts opened with non-resident banks shall be allowed in the manner established by the Central Bank license for opening an account in foreign currency, with a view to the requirements of this Regulation. The document consists of IV Sections. Section I lays down the general provisions. Section II establishes the rules of settlements and turnover of documents. Section III establishes the rules of accounting and reporting. Section IV establishes liability for breach of requirements of this Regulation. The document contains 1 Annex.

Full text
English