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The Logic of Excess Currency Regulation

January 13, 2017, 15:00 – 17:00, Building 2, 2nd Floor, Room 237

Existing exchange control requirements create barriers, both for individuals and for businesses, discriminate against national entrepreneurs as compared with foreign partners, and reduce domestic export. In addition, foreign exchange control limits foreign investors from doing business in Russia. The control system is very bulky and heavy administered. The existing foreign exchange restrictions today are no longer justified, because they do not contribute to achieving the macroeconomic objectives to ensure stability of the national currency and stability of the domestic foreign exchange market. 

Russia is a member of many international agreements, which allow today the use of international cooperation mechanisms for raising capital inside Russia, while reducing the administrative burden on business and citizens.

Issues for Discussion

  • Why is exchange control needed in Russia in the absence of the requirement of the mandatory sale of foreign currency proceeds?
  • Is exchange control a restriction for the entrepreneurial activity of Russian business abroad and a barrier to foreign direct investment in Russia?
  • Directions of improvement of exchange control and introduction of modern international instruments of interaction, including OECD (Organization for Economic Co-operation and Development)

Moderator

Participants

  • Alexey Moiseev
    Alexey Moiseev

    Deputy Minister of Finance of the Russian Federation

  • Aleksey Overchuk
    Aleksey Overchuk

    Deputy Head, Federal Tax Service

  • Grace Perez-Navarro
    Grace Perez-Navarro

    Deputy Director, Centre for Tax Policy and Administration, OECD

  • Elena Gushchina
    Elena Gushchina

    Assistant to Senior Deputy Prime Minister of the Russian Federation, Mr. Igor I. Shuvalov

  • Antonina Levashenko
    Antonina Levashenko

    Head, Center of Competence and Analysis of OECD standards, RANEPA

  • Vladimir Chikin
    Vladimir Chikin

    Partner, Goltsblat BLP

  • Tatyana Grekova
    Tatyana Grekova

    Economic Adviser to the Department of Financial Monitoring and Currency Control, Bank of Russia

  • Dmitry Volvach
    Dmitry Volvach

    Head, Department for Standards and International Cooperation, Federal Tax Service

  • Pavel Livadniy
    Pavel Livadniy

    State Secretary, Deputy Director, Federal Service for Financial Monitoring

  • William Tompson
    William Tompson

    Head of Division, Eurasia, Global Relations Secretariat, OECD

  • Mathilde Mesnard
    Mathilde Mesnard

    Deputy Director for Financial and Enterprise Affairs, OECD

  • Anna Zemtsova
    Anna Zemtsova

    Head, Department for Regular Reporting, Operational and Currency Control, Deutsche Bank