The Ministry of Finance and the Central Bank are discussing a currency limit for the redemption of assets of outgoing companies

The Ministry of Finance and the Bank of Russia are developing a mechanism that will set a monthly limit on the purchase of foreign currency on the domestic market in the course of large transactions to buy out foreign businesses leaving the Russian Federation. The authorities believe that such transactions may lead to volatility of the ruble due to the low liquidity of foreign currency in Russia, the newspaper reports. Vedomosti with reference to the director of the financial policy department of the Ministry of Finance Ivan Chebeskov.

“In general, within the framework of the subcommittee’s approaches (it issues permission for non-residents to withdraw from Russian assets.— “b”) we always take into account market conditions in the foreign exchange market when making decisions on transactions, including transactions with shares and shares,” said Mr. Chebeskov.

According to the publication, analysts suggested that the fall of the ruble in early April could be caused by the purchase of foreign assets in Russia from large foreign companies leaving the Russian Federation. In particular, in April the government allowed NOVATEK to buy 27.5% of Sakhalin Energy for 94.8 billion rubles. Previously, the share in the operator of the Sakhalin-2 project belonged to Shell, which left Russia.

Bloomberg experts also tied up the fall of the ruble in March-April with subsequent Shell maneuvers in the Russian foreign exchange market: the proceeds from the sale of its share of the amount (about $ 1 billion) the British company withdraws from Russia in dollars, and such a volume should have affected the quotes, the agency’s interlocutors suggested. Bank of Russia and Ministry of Finance of the Russian Federation urged do not overestimate the influence of this factor.

At the same time, Alexei Zabotkin, Deputy Chairman of the Bank of Russia thinksthat the weakening of the ruble in April is the result of Russia passing the bottom point of export earnings. According to him, now the flow of export earnings reflects the situation with prices and export volumes, which was in the period from late December to early January. Mr. Zabotkin believes that the volume of revenue will begin to recover after the Russian economy adapts to price restrictions.

In the morning trading of the Moscow Exchange on April 7, the dollar exchange rate increased to 83 rubles / $, the euro exchange rate rose above 91 rubles / € for the first time since April 2022. However, later the price corrected and settled at the level of 81 rubles. per dollar and 89 rubles. for the euro. Finance Minister Anton Siluanov explained that these are market fluctuations that depend on the balance of imports and exports. By forecast Ministry of Economy, by the end of the year, the US dollar will be traded in the region of 77 rubles.

Erdni Kagaltynov