New trends in capital flow discussed at Gaidar Forum

The expert discussion, New Trends in Capital Flow: The OECD Code, took place on January 16, the first day of the Ninth Gaidar Forum.

Deputy Finance Minister Alexei Moiseyev summed up the work on liberalizing the foreign exchange legislation and regulations in recent years. According to the speaker, some of the urgent problems have been resolved and important changes have been made to the legal framework.

Goltsblat BLP law firm Partner Vladimir Chikin spoke about the changes to be made in 2018: transaction passports are to be cancelled and registration of contracts introduced instead; banks are to be notified of the deadlines for the fulfillment of obligations under foreign trade contracts; the list of reasons for refusal to perform a currency exchange transaction is to be expanded.

Senior Partner of Pepeliaev Group Ivan Khamenushko reviewed the foreign exchange regulations in Russia, in particular the foreign exchange controls and restrictions aimed at protecting the national currency, maintaining the balance of payments structure and stabilizing the exchange rate.

Anna Nesterova of Global Rus Trade, a specialist in doing business, said it is necessary to remove restrictions so that ‘national players’ join Russian trading platforms.

The participants underlined the importance and necessity of the OECD Code and cited the main restrictions in the Russian regulations that are in conflict with the Code. They made the following recommendations to the legislators: all restrictions could be removed (or at least those on international and foreign currency exchange transactions); the possibility of introducing full-fledged foreign exchange controls for a limited period could be kept; it would be desirable to adopt an amended Federal Law On Foreign Exchange Regulation and Control; and others.

The session was moderated by Antonina Levashenko, Head of the Russia-OECD Center at RANEPA.

The organizers include the Presidential Academy of National Economy and Public Administration (RANEPA), the Gaidar Institute for Economic Policy (Gaidar Institute) and the Association of Innovative Regions of Russia (AIRR).

The program outline is available at the forum website.

Participation is free; preliminary registration is required.

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The general partners of the Gaidar Forum are Gazprom and Gazprombank; strategic partners include Novartis, Johnson&Johnson, RZD, MSD, AstraZeneca, the ACIG Group of Companies, Mastercard, Coca-Cola, Russian Agricultural Bank, Pharmstandard JSC, Microsoft; O1 Group, Unilever, EY, Russian Brewers’ Union, Russian Direct Investment Fund are partners and RVC.

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