Russian government endorsed bill "On Currency Regulation and Currency Control"

At its Thursday session, the Russian government in general endorsed the bills "On Currency Regulation and Currency Control" and "On Insurance of Individual Deposits in Banks of the Russian Federation". During a week the bills will be amended in the ministries that initiated them with due regard to the comments made, and on November 28th they will be presented to the government to approve, first Deputy Finance Minister Alexei Ulyukayev told journalists.

The bill on currency regulation sets the surrender requirements for currency returns at 30 per cent with a basic payback period of 180 days, Ulyukayev said.

While amending the document, it will be necessary to specify the conditions for registering legal entities abroad, the procedure of securities investments, as well as the criteria for introducing restricting mechanisms in case of a worsened macroeconomic situation, the deputy finance minister explained.

The bill on deposit insurance needs additional work on criteria for admitting banks to the deposit insurance system, he pointed out.