Open AccessLiberalization of foreign exchange regulation and control in the Russian Federation: status and trends
Author(s) -
Н. М. Артемов,
С. В. Сергеев
Publication year - 2021
Publication title -
vestnik universiteta imeni o.e. kutafina (mgûa)/vestnik universiteta imeni o. e. kutafina
Language(s) - English
Resource type - Journals
eISSN - 2782-6163
pISSN - 2311-5998
DOI - 10.17803/2311-5998.2021.85.9.135-144
Subject(s) - liberalization , legislation , currency , international economics , order (exchange) , business , obligation , economic policy , economics , international trade , finance , political science , monetary economics , market economy , law
. At present, due to the changing economic situation, in particular, against the backdrop of the COVID-19 pandemic, the question of the need for further liberalization of foreign exchange regulation and control in order to encourage real investment in Russia remains relevant. The liberalization process is the removal of restrictions on foreign exchange transactions between Russian currency residents and non-residents. When carrying out liberalization, the interests of society and the state should be taken into account in terms of national security and welfare. Since the adoption of the legislation on currency regulation and currency control, currency restrictions have been weakened (in particular, the obligation to reserve currency and issue passports of transactions in cross-border transactions has been canceled). Liberalization of foreign exchange legislation continues systematically at the present time. At the same time, against the background of liberalization, more and more noticeable is the increasing attention of the state to the property and income of foreign currency residents abroad in order to “whitewash” the economy.