Duma Amends Law on Currency Regulation

State Duma deputies adopted amendments to the law on state regulation and currency control on the first reading.

The amendments set a single rate of unhampered imports of foreign currency from Russia at $1,500 both for residents and non-residents.

According to the document, the adoption of regulations establishing the rights of residents and non-residents, will contribute to the development of tourism, and to the elimination of tensions in relations with foreign partners. It will also influence foreigners' business activity in Russia favorably. Additionally, it was pointed out that the introduction of this rate corresponded to the international practice of the WTO country members.

The amendments were supported by 273 deputies, 72 being against and no one abstaining.