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On 12 May 2016, Russia signed the Multilateral Agreement on the Automatic Exchange of Information (the AEoI) based on the OECD Common Reporting Standard (the CRS). The CRS will allow the Russian tax authorities to automatically obtain information on foreign bank accounts held directly or indirectly (via shell companies) by individuals - Russian tax residents. More than 100 states including offshore jurisdictions have joined or committed to join the AEoI and participate in automatic exchange of financial information. Though AEoI is based on reciprocity and additional bilateral treaties with particular foreign states are required, Russia is likely to start receiving respective financial information in 2018-2019.

 

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