The Central Bank may ease foreign exchange controls if unfriendly countries ease sanctions
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The Bank of Russia believes that currency restrictions should be introduced for countries that apply such measures to Russia. The regulator admits the possibility of liberalizing foreign exchange restrictions for unfriendly countries, which will ease the sanctions. This follows from CB material “The main directions of development of the financial market of the Russian Federation for 2023 and the period of 2024 and 2025”.
“When establishing currency bans and restrictions, one should proceed from the principle of reciprocity, that is, impose bans and restrictions only on residents of those states that impose such measures against the Russian Federation. Any liberalization should be in relation to friendly states. At the same time, the Bank of Russia may consider the option of liberalization in relation to unfriendly countries as a response to the mitigation of sanctions restrictions (for example, unblocking assets),” the document says.
The bank also notes that the “stringency requirements” for non-residents should vary depending on their jurisdiction. The Central Bank emphasized that the regulation of currencies should be carried out in Russian rubles and currencies of friendly states.
Among the measures to ease the sanctions that the regulator asks from unfriendly countries is the mitigation of administrative responsibility for violations of currency restrictions.
About deposits in alternative currencies – in the material “Kommersant” “Celestial Interest”.
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