Medvedev: Russia won't restrict capital flow

Russia will not impose restrictions on capital flow. On the contrary, there are plans to increase foreign currency transactions, Prime Minister Dmitry Medvedev said at a Government meeting on Thursday. “In view of the current situation in the foreign currency market, the Government, myself, my colleagues and Central Bank management have repeatedly stated that we are not going to impose any special restrictions on capital flow,” Medvedev said. He noted that today, the Government would discuss a regulation that, if approved, will increase the number of allowed foreign currency transactions. As earlier announced by President Putin, Russia has no plans to restrict capital flow as officials can control the situation with its reserves without any extra measures. Last month, the head of the Central Bank Elvira Nabiullina announced that the regulator would not restrict capital flow or private currency transactions. Medvedev also mentioned that there will no further restrictions on foreign currency sales.

http://www.rapsinews.com/news/20141120/272622122.html

Russians Face Fines for Operations with Foreign Banks

According to the amendments to the Russian Code of Administrative Offences which became effective on February 13, Russian nationals may lose the accruals in their accounts with foreign banks, for example interest from savings or rental income, if the revenue was not transferred via a Russian bank. The law also expands the definition of currency transactions, which previously only dealt with prohibited transactions. Now they also include transactions which violate the procedure stipulated in the legislation on currency. The fine will range from 75% to 100% of the prohibited currency transaction. The Russian financial authorities are supposed to receive information about these transactions from the taxpayers themselves: Russian residents are bound by law to notify tax agencies about opening or closing accounts with foreign banks and also about changes in their bank details.

http://www.rapsinews.com/news/20130214/266405566.html