Putin orders govt, cbank to simplify currency controls in Russia

MOSCOW, May 10 (PRIME) -- President Vladimir Putin has ordered the government and the central bank to develop suggestions to ease foreign currency controls, including reduction of fines for companies for violation of terms of returning the foreign currency revenue from exports, according to the ruling published on the Kremlin’s Web site on Wednesday.

According to the current law, an exporter receives foreign currency from exports of goods or services on account in an authorized bank during a period specified in the foreign trade contract. Violation of the term may end with a 5,000–100,000 ruble fine for employees or companies.

Besides that, Putin also ordered to study abolishment of foreign currency controls for small deals.

(58.5382 rubles – U.S. $1)

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