Gaidar Forum participants discuss excessive foreign exchange regulation

The expert discussion The Logic of Excess Currency Regulation was held on January 13, the second day of the Gaidar Forum, at RANEPA.

The event was moderated by Rector of the Russian Foreign Trade Academy Sergei Sinelnikov-Murylev. The participants included Alexei Moiseyev, Deputy Minister of Finance; Alexey Overchuk, Deputy Head of the Federal Tax Service; Grace Perez-Navarro, Deputy Director of the Centre for Tax Policy and Administration at OECD; Yelena Gushchina, Assistant to First Deputy Prime Minister Igor Shuvalov; Antonina Levashenko, Head of the RANEPA Center of Competence and Analysis of OECD standards; Vladimir Chikin, Partner at Goltsblat BLP; Tatyana Grekova, Economic Adviser to the Department of Financial Monitoring and Currency Control at the Bank of Russia, and others.

Experts covered the issue of foreign exchange control in Russia, the barriers for the inflow of foreign currency investments, and possible ways to apply international regulation instruments. “Is this regulation an empty and unnecessary formality, or does it actually make a difference?” was the question Mr. Sinelnikov-Murylev asked in his opening remarks. The expert supported changing the current law to make way for a modern money laundering prevention system and the instruments of supervising people’s compliance with the tax laws.