Official says Russia needs currency control to halt capital flight

MOSCOW, Jan 22 (PRIME) -- Russian ñurrency controls must fight illegal capital flight, but not restrict legal business turnover, Deputy Finance Minister Alexei Moiseyev said at a meeting of the Finance Ministry on Friday.

“Work connected with improvement of currency controls will be important issue,” he said.

“We need to make exchange control regulations more detailed, and do this so that currency controls would be aimed at protecting the country from illegal capital flight abroad, while the provisions that remain and prevent normal business transactions of people and legal entities would be removed.”

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