Russia responded to the meeting of the Council of the West Russian news EN
Russian President Vladimir Putin approved a decree on special measures representing the Congress from Western countries. The text of the document is published on website Kremlin.
The decisions were taken “in connection with actions that are unfriendly and contrary to international law.
Response
Under the new decree, from February 28, Russian exporters consume 80 percent of foreign exchange earnings. Earlier, a possible decision was announced by the Russian Ministry of Finance. “For residents – certain foreign economic activities of the mandatory sale of foreign currency in the amount of 80 sums of foreign currency, the interest rate credited from January 1, 2022 to their account in authorized banks on the basis of foreign trade contracts, the performance of work for non-residents, the transfer of results of intellectual activity to non-residents, including exclusive rights to them,” the document says. The procedure for the sale of foreign currency by exporters will be felt by the Central Bank.
80percentage of foreign exchange earnings
ban from February 28 Russian exporters
Residents are prohibited from “carrying out foreign exchange transactions provided by residents in the use of foreign currency by non-residents under a loan agreement”, and “remittance by residents of foreign currency to their accounts (deposits), opened in the presence of banks and other financial market organizations outside the territory of the Russian Federation, and also purchasable money transfers without opening a bank account using electronic means of payment provided to foreign payment service providers.”
This means that you cannot credit your currencies to accounts and deposits in foreign banks and brokers. As the source said Bell in the financial and economic block of the resolution, the ban is introduced in relation to both companies and citizens. The ban comes into effect on March 1.
In addition, it is prohibited to open money transfers without an account using electronic means of payment provided by foreign providers. The document also states that public joint-stock companies until December 31 conduct reverse shares only under certain conditions.
Banks require the involvement of individuals without personal presence during interbank transfers. “The transfer of funds was carried out on behalf of the bank after receiving a written instruction in writing – it provided for the transfer of funds for the withdrawal of a credit institution and the use of their withdrawal in the presence of the client – an instruction for the order of a bank account (deposit). “Method and form of accepting high doses of credit by independent organizations,” the decree says.
Non-standard situation
On Monday, February 28, at the opening of trading, the dollar exchange rate reached 90 rubles, the euro exchange rate – 101.9 rubles. At the beginning of trading, the boundaries of the price corridor for both currencies were set with an upper lock of 90 and 101.1925 rubles, respectively. On the same day, the key board of the Bank of Russia decided to raise the rate to 20 percent per annum. The regulator recorded the increase to detect a change in external conditions.
The explanation for such a decision by the head of the Central Bank, Nabiullina, is specified that the conditions for the Russian economy have changed, and in order to be sustainable, it is necessary to use a wide range of tools.
admissible decisions on the monetary inspection, we will take from changes in the actual situation, risk assessment. First of all, in terms of the external environment
The head of the Central Bank emphasizes that monetary policy will be aimed at maintaining financial and price stability. According to Nabiullina, the Russian financial system and economy “are currently facing a completely non-standard measure.”
Earlier, the Central Bank decided to cancel trading on the Moscow Exchange on February 28 “due to the emerging additions.” On the evening of February 28, the Central Bank introduced new borders for the Moscow Exchange. From March 1 to March 5, the morning and evening sessions will not be important. On Tuesday, March 1, trading in the currency and money markets will open at 10:00 and will last until 19:00. The expediency of opening trade in the markets of other countries The regulator will assess the dependence on the development situation.