Institute of the Ministry of Finance proposed to reduce foreign exchange control for imports

NEVA NEWS
NEVA NEWS

Specialists of the Research Financial Institute (NIFI) of the Ministry of Finance took the initiative to reduce the supervision of foreign exchange transactions by the Government of the Russian Federation, reports RBC.

Analysts in their article “The Evolution of Currency Regulation and Control in Russia and the Prospect for Continued Liberalization of Currency Legislation” recalled that after the introduction of a huge number of sanctions and the collapse of the ruble in the spring of this year, the country’s authorities introduced a temporary tightening of regulation on transactions using foreign monetary units. At that time, companies were required to sell 80% of export foreign exchange earnings. However, by the summer this resolution was practically cancelled.

Now importers are still obliged to ensure the return to their homeland of advances paid to non-residents for the supply of goods and services, if it did not take place within the time limits specified in the contracts. However, the country’s government may further allow residents to receive funds to ruble accounts or deposits in the currencies of friendly countries. This could contribute to the growth of ruble liquidity outside the Russian Federation.

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