UPDATE: Fast VAT refund, no return of revenue in dedollarization plan

(rewrites)

MOSCOW, Oct 4 (PRIME) -- An action plan to reduce the U.S. dollar dependency of the economy includes a fast value added tax refund for ruble operations and an abolishment of obligatory return of exporters’ revenue to Russia by 2024, First Deputy Prime Minister Finance Minister Anton Siluanov said on Thursday.

“We have agreed on accelerated refund of VAT to exporters, if the ruble is used in settlements,” Siluanov told reporters.

“We have agreed that a gradual cancellation of an obligation to return export revenue is in our plans if the settlements are made in rubles. We have prepared such plans for 2024.”

Andrei Kostin, CEO of second largest bank VTB, said on Tuesday he had submitted his suggestions on de-dollarization of the economy to President Vladimir Putin, who supported the initiatives. On Wednesday, a spokesperson said that the government is considering the measures.

“It has already been sent to the government,” Siluanov said.

End