Nabiullina allowed "tuning" of currency restrictions

The HEAD of the Central Bank stressed that the regulator has already removed a significant part of foreign exchange restrictions, so no major easing is expected. At the same time, she says,

The Central Bank does not rule out the possibility of "some tuning" in the issue of currency restrictions, but no major easing is expected. This was stated by the head of the Central Bank Elvira Nabiullina, reports TASS .

“We carried out the easing, now no additional large measures are expected here in the currency restrictions. Maybe some tuning, some corrections. But in general, we believe that this system has more or less stabilized,” she said.

Nabiullina noted that the regulator "at the beginning of the sanctions" had to introduce very strict currency restrictions in order to stabilize the situation in the foreign exchange and financial markets, and also "as a response." “After the situation more or less calmed down, we removed a significant part of the currency restrictions. We consider this important, because foreign economic activity is hindered under conditions of severe currency restrictions. <...> Therefore, we carried out such a weakening, ”added the head of the Central Bank.

After the start of the military operation in Ukraine, Western countries imposed sectoral sanctions against Russia: most Russian banks were cut off from SWIFT, the country's gold and foreign exchange reserves worth about $300 billion were frozen, and the largest payment systems Visa and Mastercard left RUSSIA.

Against this background , Vladimir Putin signed a decree in the field of currency regulation, according to which the Central Bank received a number of powers in this area. For example, to determine the amount of an advance payment under contracts from residents to non-residents from foreign countries or to issue permission to a resident participant in foreign economic activity not to carry out the mandatory sale of foreign currency. The decree includes other measures and will be valid until December 31, 2023.

Other measures include limiting the amount of currency transfers abroad (initially, the limit was $5,000 per month, but in July it was increased to $1 million); a ban on the EXPORT of cash by legal entities and individuals from Russia in the amount of more than $10,000, etc. In March 2023, the Bank of Russia extended the restrictions on cash withdrawals from foreign currency accounts for another six months, until September 9, 2023.

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Previously, the Central Bank allowed the liberalization of foreign exchange restrictions while easing sanctions. At the same time, the regulator considered that currency regulation should encourage the transition to settlements in rubles and currencies of friendly states.