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Russian Government to Continue Liberalizing Foreign Exchnage Legislation

9 December 2020
Правительство РФ продолжит дальнейшую либерализацию валютного законодательства

On Wednesday 9 December, at the Made in Russia Forum Minister of Finance Anton Siluanov stated that as of late a lot had been done to liberalize foreign exchange legislation. 

“We have done good work together with the Bank of Russia. We have carefully considered our exporters’ suggestions,” shared Mr. Siluanov: this work will be continued.    

Minister Siluanov emphasized that the risk-based approach is the key. All agencies and services that are part of the foreign exchange regulation stick to this practice. Risk management system is up and running and will be polished in the future. This is why the practice of total control can now be abandoned.   

The Minister also noted that further liberalization of foreign exchange laws is part of the national action plan the Russian Government approved on 23 September 2020. This plan also includes a step-by-step cancellation of repatriation of the funds exporters get for transferring non-commodity and non-energy products.     

 “Exporters should not bear responsibility for actions of their international partners. They need to be protected from uncontrolled risks. This year, we have made real progress: the fines have become smaller and now there is a grace period for repatriation of funds. We hope that next year our work to liberalize our overseas trade and lower administrative barriers will continue,” said Veronika Nikishina, CEO of the Russian Export Center.