Finance Ministry wants softer foreign currency control in 2018

MOSCOW, Feb 9 (PRIME) -- The Finance Ministry wants to soften foreign currency control significantly in 2018, Minister Anton Siluanov said on Friday during the Russian Business Week forum organized by the Russian Union of Industrialists and Entrepreneurs.

“This year you will see improvements and significant changes in the currency control system, especially in repatriation of foreign currency revenue. These norms are obsolete, and everyone dodges easily. We have no goal of corralling this revenue into Russia to have it gone (abroad) again if investment in foreign assets is needed,” Siluanov said.

The central bank opposes the dismantling of the foreign currency control system.

Siluanov said liberalization will also boost attractiveness of the ruble as a settlement currency.

“We will work to develop and stimulate settlements in rubles, because now, in conditions of different restrictions, the ruble becomes more attractive as a settlement currency,” he said.

“If there are any restrictions, you can buy a ruble instrument on an exchange and make these settlements. No restrictions cover these transactions. We will simplify tax reports on companies’ foreign accounts, simplify the legislation that was developed during Soviet times for foreign currency control.”

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