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Named a new reason for rejection of the dollar

The Russian government has prepared concessions in part of exchange control for exporters. This was stated by the Minister of Finance and first Deputy Prime Minister Anton Siluanov, quoted by RBC. So the authorities want to stimulate international settlements in rubles and the abandonment of the dollar.

“We agreed with the Central Bank that in relation to repatriation [returning to Russia] export proceeds in the currency of the Russian Federation — and we now encourage the conclusion of contracts in rubles — we are ready to cancel repatriation of foreign exchange earnings in rubles starting in 2020,” — said Siluanov.

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According to him, for mining companies the gradual abolition of compulsory return of export revenues will last longer, until 2024.

According to current rules, established in Federal law “On currency regulation and currency control”, the Russian exporters from the number of residents required to transfer derived from foreign customers revenue into accounts in Russian banks in foreign currency or in rubles. So power struggle with the outflow of capital from the country. For late repatriation provided heavy fines.

The initiative of the government and the Central Bank aims to foreign banks in the countries where Russian exporters sell their products, received ruble liquidity and could provide rubles of its customers — buyers of Russian goods (through loans or foreign exchange transactions).

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Thus the foreign company will have an additional opportunity to pay the sellers of Russian rubles and gradually get rid of dollars. At the moment they can obtain the Russian currency only through the loans in Russian banks or the sale of its products in Russia in rubles.

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