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Putin to Discuss Currency Controls with Policymakers: FT

RUSSIA
  • President Putin is to discuss ramping up currency controls with Russian policymakers on Wednesday after an extraordinary 3.5ppt rate rise failed to halt the ruble’s slide, two people familiar with the matter told the FT.
  • Putin will hear proposals from Russia’s finance ministry to require exporters to convert some of their foreign currency earnings into rubles, the people said.
  • The finance ministry’s proposals, seen by the FT, 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. Other proposed measures include a ban on paying out dividends and extending loans abroad; cancelling import subsidies; limiting currency swaps; and reducing the amount of foreign currency exporters are allowed to take out of Russia.
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