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Ministry of economic development of the Russian Federation

Russian Finance Ministry to continue currency regulation liberalization in 2020

15.03.2020

Russia’s Finance Ministry plans to continue liberalization of the country’s foreign exchange regulation in 2020, according to the report on results of the ministry’s operations in 2019 and the targets of financial bodies for 2020.

"Further liberalization of currency regulation norms regarding foreign exchange transactions by legal entities - residents and citizens - remains to be an area of focus of the Russian Finance Ministry in 2020," the report said.

The ministry considers making amendments to Russia’s legislation for ensuring the functioning of the federal state ‘one-stop-shop approach’ information system to organize cooperation of participants of international economic activities and global trade with public authorities, particularly with supervising bodies and other organizations through electronic communication, among other tasks, its priority in the foreign exchange field.

Moreover, it is planned to liberalize currency regulation norms through establishing additional allowed cases of making foreign exchange transactions between residents on accounts opened in banks located outside the Russian Federation.

It is also suggested that restrictions on payments in foreign currency between import factoring agreement residents will be removed and administrative barriers for sale of jewelry display samples by residents for cash at international fairs outside the Russian territory will be reduced.

Source: TASS



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