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Authorities Decide Against Tightening Capital Controls

RUSSIA
  • Russian authorities decided against tightening capital controls for the time being after Putin’s meeting yesterday with financial and economic officials, Vedomosti report, citing people close to the cabinet. CBR Governor Elvira Nabiullina and Finance Minister Anton Siluanov were among those who presented their views of the situation on the currency during the meeting.
  • Yesterday, the FT reported that the finance ministry’s proposals would require exporters to sell up to 80% of their foreign currency revenue within 90 days after delivery and ban companies that refused to comply from receiving government subsidies. However, Izvestia say the largest exporters already sell 80% of their FX revenue, citing central bank data.
  • Vedomosti add that the government reached an informal agreement with exporters that they would increase sales of their foreign currency proceeds and will monitor their actions. This applies primarily to non-energy companies, with it being mainly fertilizer producers who ignored returning revenue to the state, according to Vedomosti.
  • Gold and forex reserve data is on the docket this afternoon. There are no other notable releases for the remainder of the week.
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