Government to strive for economic openness

Increasing the openness of the Russian economy is one of the main goals of the government's work, Russian Economic Development and Trade Minister German Gref declared. Speaking at a round-table meeting, devoted to support for Russian exports and foreign investments in Russia, he pointed out that this was necessary for decreasing the time and cost of moving goods and capitals across the border.

The present currency market regulations in Russia are out-of-date. They do not guarantee efficient control and are unable to prevent capital flight, Gref pointed out. According to him, restrictions on currency operations will be substantially weakened following the adoption of the bill on currency market regulations. Russian exporters will operate in better conditions. For example, the maximum time for returning export revenues to Russia will be increased, and the procedure for authorization of money transfers to foreign countries will be simplified.

Additionally, according to Gref, the Customs Code is also hindering exports. The State Duma is now considering respective amendments to the law, intended to simplify the procedure for customs clearance and to make the work of the customs service less fiscal-oriented, Gref added.