The ruble is prepared for the crisis

The Ministry of Finance asks to give the government and the Central Bank the right in emergency situations to include the regime of hard currency restrictions.

MAIN

Siluanov proposed upgrading currency control. Photo: kremlin.ru /( cc by 4.0 )

Finance Minister Anton Siluanov submitted proposals to Dmitry Medvedev to modernize currency control. "Vedomosti" retell their content:

• On the one hand, currency legislation must be liberalized - for example, to cancel the mandatory return of export revenue to the country, Siluanov believes.
• On the other hand, in the event of a crisis, it is necessary to give the government and the Central Bank the right to introduce serious currency restrictions.
• We are talking about the right to demand from exporters to repatriate money, sell currency, receive permits for its purchase, and open special accounts for individual operations.
• The Ministry of Finance proposes such amendments to the law on the currency control “just in case”. Apparently, by such a case we mean the repetition of the situation of December 2014. Then, after a sharp collapse of the ruble, to call exporters demanding to take the currency even Vladimir Putin had to.
• But what will be considered a crisis in the new version of the law is still unclear. It is proposed to spread restrictions on those who temporarily invest in Russian assets.

What am I to me?

The main question that can worry you is, why is the Ministry of Finance decided to return to discussing this issue now? Perhaps the Russian government knows something that we do not know yet. We can talk about preparing for new sanctions. The law signed by Donald Trump in August directly ordered the US Troup to report on the possibility of expanding the effects of sanctions on Russian sovereign debt and the entire market of Russian derivatives within 180 days. Such a measure can lead to a sharp outflow of capital from Russia.

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