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Vladislav Reznik, right, chairman of State Duma's Credit Organizations and Finance Markets Committee
Photo: Dmitry Dukhanin
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Apr. 26, 2007
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Relatives Sanctioned to Exchange Currency
State Dumas Credit Organizations and Financial Markets Committee suggests amending the law on foreign currency control by lifting restrictions from foreign currency transfers between the residents. Finance Ministry, Economic Development Ministry and Central Bank of Russia dont oppose the idea.
State Dumas Credit Organizations and Finance Markets Committee has recommended to pass amendments to the law on foreign currency control. Vladislav Reznik, Vladimir Tarachev and Viktor Shipunov submitted the bill to the State Duma in January 2007. Reznik chairs the Credit Organizations and Finance Markets Committee, while Tarachev and Shipunov are its members.

So, legislators have suggested authorizing resident-individuals to transfer to their overseas relatives the amount above $5,000 and to make domestic cashless transfers of foreign currency.

The amendments are in line with the policy of liberalizing the foreign currency laws. For capital transactions, the last restrictions were lifted far back in July of 2006. The restrictions that have survived so far are the ban on transferring rubles overseas, the ban on foreign currency settlements between residents, mandatory repatriation of foreign currency revenues by exporters and the banks function of foreign currency control agents.

www.kommersant.com

All the Article in Russian as of Apr. 26, 2007

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