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Currency control in Russia: archaism or necessity

Author

Listed:
  • Sergey Germanovich Sinelnikov-Murylev

    (Russian Foreign Trade Academy, Moscow, Russia)

  • Antonina Davidovna Levashenko

    (Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia)

  • Alexandra Alexandrovna Koval

    (Russian Foreign Trade Academy, Moscow, Russia)

  • Pavel Vyacheslavovich Trunin

    (Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia)

Abstract

Currently, we still have currency control regulations that create barriers to currency operations and significantly complicate the foreign exchange residents' ordinary course of business (Russian companies and citizens). Besides, the currency control does not solve macroeconomic problems, but is used to address tax issues and to prevent money laundering in international trade. The article proposes measures aiming to improve tax administration, increase the efficiency of international tax information exchange and anti-money laundering measures. The reform of the foreign exchange regulation system will allow to abolish the archaic currency restrictions and use alternative instruments to control cash flows.

Suggested Citation

  • Sergey Germanovich Sinelnikov-Murylev & Antonina Davidovna Levashenko & Alexandra Alexandrovna Koval & Pavel Vyacheslavovich Trunin, 2019. "Currency control in Russia: archaism or necessity," Russian Foreign Economic Journal, Russian Foreign Trade Academy Ministry of economic development of the Russian Federation, issue 5, pages 7-15, May.
    • Handle: RePEc:alq:rufejo:rfej_2019_05_7-15
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