Putin instructed to develop new mechanisms for currency regulation

Russian President Vladimir Putin ordered the creation of a working group to develop new mechanisms for foreign exchange regulation and international settlements. The order of the HEAD of state was published on the Internet portal of legal information.

“To form an interdepartmental working group to develop new mechanisms in the field of currency regulation and international payments,” the document says.

The text of the order states that the main tasks of this group are to develop a plan for the formation of international settlements with partners from friendly states both in rubles and in national currencies; development of a plan for the formation of international settlements in rubles with partners from unfriendly countries; development of currency regulation measures to ensure the balance of supply and demand in the foreign exchange market; development of measures to reduce risks in connection with the suspension of operations with foreign assets, etc.

Aide to the President of RUSSIA Maxim Oreshkin was appointed head of the working group. The group also included Chairman of the Central Bank Elvira Nabiullina, Minister of Economic Development Maxim Reshetnikov, Minister of Finance Anton Siluanov.

Nabiullina announced the impossibility of early removal of currency restrictions

At the end of February, Western countries began imposing sanctions against Russia, in particular against its financial, defense, energy, aviation and other sectors, as well as restrictions against officials.

On the night of February 27, the head of the European Commission, Ursula von der Leyen, announced that the European Union and partners decided to “paralyze” the assets of the Russian Central Bank in order to deprive it of the ability to use international reserves to weaken the impact of other restrictions. As a result, Russia lost access to almost half of its gold and foreign exchange reserves, Finance Minister Anton Siluanov argued. About $300 billion out of $640 billion was frozen.

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Against this background, the Ministry of Finance and the Central Bank introduced a norm for exporting companies to sell foreign currency on the domestic market. We are talking about 80% of the revenue received by them under foreign trade agreements. In addition, the Central Bank banned brokers from selling securities on behalf of foreign clients - both individuals and legal entities. In early March, Prime Minister Mikhail Mishustin announced plans to impose temporary restrictions on the exit of foreign investors from Russian assets.

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