The Russian Ministry of Finance recently issued Guidance Letter No. 03-07-08/22634 of 14 March 2024, which clarifies the currency conversion requirements for VAT purposes when selling foreign-made goods under contract where the cost of the goods sold is expressed in foreign currency and payment is made in rubles. The letter explains that under paragraph 4 of Article 153 of the Russian Tax Code, the tax base for VAT is determined on the day of shipment (transfer) of the goods when selling good…