State-owned companies will be required to develop a plan for the use of currencies of unfriendly countries

Deputy Finance Minister Alexei Moiseev in an interview RBC said state-owned companies would have to create a plan to use the accumulated dollars, euros and pounds sterling. For example, the actions of organizations may be the purchase of imported goods for the currencies of unfriendly countries or the redemption of bonds.

“We are preparing a directive, but there the format will be such that companies must develop a plan. Not just to take and sell all the currency, but to develop an action plan that will be aimed at doing something with this currency,” said Mr. Moiseev.

The deputy minister commented on the regulator’s proposal to convert to the currencies of friendly countries as follows: “The question is, to whom, and will it not turn out that in a situation of lack of demand for the currency, this will only strengthen the exchange rate additionally? Therefore, we considered such a solution to be rather ineffective.”

The volume of currencies of unfriendly countries is growing due to the export of oil and petroleum products. After the introduction of a ban on Russian oil, which will come into force in December, the EU countries have increased purchases of this fuel from Russia. Italy became the leading importer. The Central Bank, speaking about the devaluation of the Russian market, is in favor of reducing exports and imports with unfriendly countries.

the Central Bank also suggested convert “unfriendly” currencies into the currencies of friendly countries. Later Ministry of Finance spoke against the initiative, since such a decision requires the sale of currency.

Polina Sobakina