Russia is ready to relax requirements for unfriendly countries in response to the lifting of sanctions – Central Bank 29.11.2022
The Bank of Russia will take a differentiated approach to the stability of the foreign exchange market, depending on their residency and currency. This is stated in the project. a main attention development of the financial market of the Russian Federation for 2023–2025.
In particular, the Central Bank intends to liberalize requirements for residents of the Russian Federation as much as possible. At the same time to non-residents, the Central Bank of the economy, “rigidity must be protected depending on their jurisdiction.” At the same time, the regulator does not increase indulgences to some unfriendly states.
“When establishing the outcome of currency bans and restrictions, one should choose from the choice of reciprocity, that is, impose bans and prohibitions only on residents of those states that conflict with the Russian Federation of such courts. Any liberalization should be in relation to the united states. At the same time, the Bank of Russia chose the option of liberalization in relation to unfriendly countries as a response to easing sanctions restrictions (for example, unblocking assets),” the Central Bank said in its materials.
The Central Bank believes that the approach to the regulation of the foreign exchange market and control over the stimulation of the transition of market participants to settlements in Russian rubles and currencies of friendly states. “It is necessary to empower the Bank of Russia with the types of the list of currencies (including the list of foreign currencies) that are paid for shares (stakes) in the authorized capital of credit institutions, non-credit financial institutions,” the Central Bank says.
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