International Cash Pooling or Pooling between residents and non-residents is an unprecedented and unique product for the Russian market.
All transactions between residents and non-residents are subject to the Russian Currency Control regulations set by the Central Bank of Russia. One of the major benefits of UniCredit Bank’s Resident/Non-Resident Cash Pooling is that all the required currency transaction certificates are prepared by the Bank, on behalf of the Clients (for both debit and credit operations under Cash Pooling), therefore fully automating daily Currency Control routine for the Companies.
The Non-Resident Company needs to open an account with UniCredit Russia, which can be incorporated into the Pool. There are no limitations for the Non-Resident Company to operate these accounts since they are not subject to the Russian Currency Control legislation. The Non-Resident Company can make FX with UniCredit Russia to buy Foreign Currency. Transfers to other accounts abroad both in RUB and Foreign Currencies from these accounts can be easily done by the Non-Resident Company via e-channel. The funds received under Resident/Non-Resident Cash Pooling are no longer subject to Currency Control, since all the necessary documentation for Currency Control under Cash Pooling had already been prepared beforehand.
There are no specific legal restrictions and laws on cash pooling in Russia. Nevertheless, our CP product is fully compliant with the current Russian legislation. We have a Legal Opinion prepared by an independent consulting company Baker & McKenzie that further confirms this.