Putin creates group on currency regulation and international settlements

Russian President Vladimir Putin instructed to form an interdepartmental working group to develop new mechanisms in the field of foreign exchange regulation and international settlements, Interfax reports.

The corresponding order was published on the official Internet portal of legal information.

The interdepartmental group, according to the order, was headed by Assistant to the President of the Russian Federation Maxim Oreshkin, it will include the Chairman of the Bank of Russia Elvira Nabiullina, the Minister of Finance of the Russian Federation Anton Siluanov, the Minister of Economic Development of the Russian Federation Maxim Reshetnikov, the heads of the Federal Tax Service, the Federal Customs Service, Rosfinmonitoring, deputy ministers of agriculture economy, industry and trade, foreign affairs, energy, representatives of several other departments.

According to the approved regulation, the interdepartmental working group will be "a coordinating body formed to ensure effective interaction between federal government bodies, the Bank of Russia, government authorities of the constituent entities of the Russian Federation, other government bodies, organizations in the implementation of state policy on issues of currency regulation and international settlements."

One of the tasks of the group will be "the development of a plan for the formation of an infrastructure for international settlements with trading partners from friendly foreign states and friendly territories, including in Russian rubles or national currencies of such states and territories, and control over the implementation of this plan."

At the same time, the group will develop a second plan for the formation of an infrastructure for international settlements, including in Russian rubles, with trading partners from countries that commit "unfriendly actions" against the Russian Federation.

The working group will have to develop for each of these two plans the procedure for settlements with trading partners, including resolving issues of conducting trade finance operations.

Another task of the group will be "development of measures of currency regulation in order to ensure the balance of supply and demand in transactions in the foreign exchange market."

In addition, the working group will develop state policy measures aimed at “reducing the risks associated with the suspension of operations with foreign assets of the Russian Federation; to ensure that the structure of the balance of payments is consistent with the goals of stable economic development”.