Ministry mulls lifting restrictions on foreign accounts of Russians

MOSCOW, Jan 16 (PRIME) -- The Finance Ministry has suggested lifting all restrictions on Russians’ money flows on foreign accounts, Deputy Minister Alexei Moiseyev said on Tuesday during the Gaidar Forum.

“It is a long overdue need to lift all the requirements on repatriation of foreign currency revenue, to cancel the recording of movement of prepayments for imports, and to cancel all restrictions on movements on accounts of Russians, both for (foreign currency) residents and for (foreign currency) non-residents,” he said.

The Economic Development Ministry supports the initiative, as well as the Federal Customs Service and the Federal Tax Service to a certain degree. “The central bank has a more cautious position for the time being. But we suppose that we should cancel repatriation (of foreign currency revenue) and cancel the special regime for accounts of Russians in foreign credit institutions,” he said.

The ministry should instead introduce a reporting order for companies that will replace the existing mechanisms for settlement and control over the payment account, as well as punishment for the failure to provide reports for provision of false reports. The ministry has already created a bill, and it is coordinating the document with other authorities, he said.

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