The Finance Ministry proposes to lift all restrictions on foreign Bank accounts of Russian citizens
The Finance Ministry proposes to lift all restrictions on the movement of funds on foreign Bank accounts of Russian citizens, said Deputy Finance Minister of Russia Alexei Moiseev at the Gaidar forum.
“Long overdue need to cancel and the requirement of repatriation of foreign currency proceeds, cancel the account of the fate of the advance payment for imports, and besides, to abolish any restrictions on the movement of the accounts of Russian citizens – as (currency – ed.) residents, and (currency – ed.) of non-residents”, – said Moiseev.
“The Ministry of Finance has a formal position. We Minek, by the way, this supports. FCS, FTS support to a certain extent. The Central Bank has taken a more cautious stance. But we believe that the repatriation (foreign exchange earnings – ed.) should cancel, and it is necessary to cancel a special mode, which acts on the accounts of Russian citizens in foreign credit restrictions,” he added.
Instead, according to him, it is necessary to introduce some reporting for legal entities, which will replace existing mechanisms for the calculation and monitoring of balance of payments. “Moreover, of course, we have to introduce liability for failure reporting and/or creating false statements,” warned the Deputy Minister.
The bill, according to Moses, are already prepared by the Ministry of Finance and is approved by the agencies, albeit with varying degrees of success. “But our determination in this regard is not diminished. I am confident that we will achieve this year’s success in this part,” he said.