Introduction of CRS in the Russian legislation

On June 19, 2018 the Government of the Russian Federation officially published Resolution No. 693 "On the Implementation of the International Automatic Exchange of Financial Information with the Competent Authorities of Foreign States (Territories)." The Resolution establishes the main requirements for financial organizations to identify their customers and provide such financial information to the Russian tax authorities within the framework of the requirements of the Standard on Automatic Exchange of Information on Financial Accounts (Common Reporting Standard or «CRS»).