Ershov D.N. LIBERALIZATION OF CURRENCY REGULATION IN RUSSIA IN THE CONTEXT OF SANCTIONS
DOI: https://doi.org/10.15688/ek.jvolsu.2023.2.10
Dmitry N. Ershov
Candidate of Sciences (Physics and Mathematics), Senior Researcher, Financial Research Institute of the Ministry of Finance of the Russian Federation, Nastasinskiy Lane, 3, Bld. 2, 127006 Moscow, Russian Federation, This email address is being protected from spambots. You need JavaScript enabled to view it. , https://orcid.org/0000-0002-7624-4648
Abstract. The purpose of the work is to analyze the transformation of the regime of monetary and financial regulation in Russia in the context of international sanctions in 2022. The course towards the liberalization of foreign exchange regulation in Russia has been temporarily changed in order to reduce capital outflow, protect the interests of Russian companies, and maintain the stability of the monetary and financial systems. The main measure was a temporary return to the requirements for the repatriation of foreign exchange earnings by exporters. After the measures took effect, the process of gradual abandonment of the imposed restrictions began. It is concluded that with the abolition of the requirement for the repatriation of foreign exchange earnings, the previously taken course towards the liberalization of foreign exchange regulation has generally recovered and is being maintained despite an unfavorable change in foreign economic and foreign policy conditions. Since the decisions on the introduction of currency restrictions and subsequent decisions on their abolition were taken as temporary measures, they need to be legislated. An analysis of some possible ways of further developing the liberalization of foreign exchange regulation in Russia is presented. It can be aimed at reducing the overall regulatory burden on businesses, promoting the development of non-commodity exports, de-dollarizing trade and investment, reorienting to the most promising foreign economic partners, and expanding international cooperation within the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information.
Key words: monetary and financial regulation, liberalization of foreign exchange transactions, anti-Russian sanctions, transparency of foreign exchange policy, freedom of capital movement.
LIBERALIZATION OF CURRENCY REGULATION IN RUSSIA IN THE CONTEXT OF SANCTIONS by Ershov D.N. is licensed under a Creative Commons Attribution 4.0 International License.
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