IMPLEMENTATION LEVEL

National

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

state-controlled

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 17 Dec 2014 | Removal date: open ended
Still in force

Controls on commercial transactions and investment instruments

According to directive 8495-13 of 17 December 2014, the five largest state-owned Russian exporters (open joint-stock companies "Gazprom", "Rosneft", "ALROSA", "Zarubezhneft" and "Crystal") must ensure by 1 March 2015 that their companies' net currency assets are not higher than their balance as of 1 October 2014.
According to this document, subsequent maintenance of net foreign assets also must not surpass the mentioned level. Furthermore, the five largest state-owned Russian exporters must submit to the Central Bank of Russia a weekly report about the net currency balance. Any resulting sales of foreign currency and purchases of the Russian ruble may have knock-on effects in the currency markets. This measure may also reduce Russian demand for foreign financial assets.

AFFECTED COUNTRIES

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