The presidential decree, published on the Kremlin’s website, gives the Board of Directors of the Central Bank of Russia (BCR) the power to determine the value of prepayments from residents to foreign individuals and legal entities.
The BCR will also determine the value of transfers from accounts in Russian banking entities of registered non-residents of hostile countries to accounts of non-residents of countries that have not taken hostile actions against Russia.
In addition, the regulator will also specify the amounts for transfers from non-resident accounts that come from countries that do not conduct hostile business to accounts opened in hostile countries.
The authority of the BCR also extends to transfers without opening accounts and purchases of foreign currency by non-resident legal entities.
The presidential decree stipulates that the regulator can exempt exporters from the obligation to sell 80% of foreign currency obtained from foreign sales.
On the 8th, the Russian government adopted the list of hostile countries and territories, which includes the USA, Canada, all member states of the European Union (EU), the United Kingdom, Ukraine, Montenegro, Switzerland, Albania, Andorra, Iceland, Liechtenstein, Monaco, Norway . San Marino, North Macedonia, Japan, South Korea, Australia, Micronesia, New Zealand, Singapore, and Taiwan.
On February 24, Russia launched a military attack on Ukraine that has already caused at least 780 deaths and 1,252 injuries, including a few dozen children, and caused about 5.2 million people to flee, including more than 3 million to neighboring countries. , according to the latest United Nations figures.
The international community in general condemned the Russian invasion, and responded by sending weapons to Ukraine and strengthening economic and political sanctions against Moscow.
RJP // JH
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