Due to changes in the currency legislation of the Russian Federation, when making transfers in Russian rubles from August 2, 2004, when filling out the 'Money Transfer Application' in Russian rubles, you need to specify in Field 70 in the Payment Details — 'Currency Operation Code'.
Note that:
The code consists of seven characters. The first two (1,2) are alphabetic- VO (Latin alphabet) - used without changes, the following (3…7) are numeric. *
For electronic clients only* — Spaces inside brackets are not allowed!
Use the 'List of Foreign Exchange Transactions of Authorized Banks' Appendix 2 to the Instruction of the Bank of Russia dated June 17, 2004 No. 117-I 'On the Procedure for Residents and Non-residents to Submit Documents and Information to Authorized Banks when Conducting Foreign Exchange Transactions, Accounting Procedures by Authorized Banks for Foreign Exchange Transactions and Documentation of Foreign Exchange Deals'.
Example: (VO13010) PAYMENT FOR TECHNICAL OILS CONTRACT M-325 DATED 040218 INV.332 DATED 040223
Transfers with incorrectly specified or unspecified currency operation codes will not be accepted by Russian banks for processing and payment.
Therefore, we recommend you:
Request the specified codes from your Russian counterparts,
Use the 'List of Foreign Exchange Transactions of Authorized Banks', Appendix 2 to the Instruction of the Bank of Russia dated June 17, 2004 No. 117-I 'On the Procedure for Residents and Non-residents to Submit Documents and Information to Authorized Banks when Conducting Foreign Exchange Transactions, Accounting Procedures by Authorized Banks for Foreign Exchange Transactions and Documentation of Foreign Exchange Deals'.
The responsibility for correctly specifying the 'Currency Operation Code' lies with the client.