The President of Russia, Vladimir Putin, instructed the establishment of an inter-ministerial working group to develop new mechanisms for foreign exchange regulation and international settlements.
The relevant regulation, signed by the President on May 9, was published on the official website of legal information.
The interministerial group, according to the ordinance, was led by the assistant to the president of the Russian Federation Maxim Oreshkin, it will include the president of the Bank of Russia Elvira Nabiullina (as agreed), the Minister of Finance of the Russian Federation Anton Siluanov, the Minister of Economic Development of the Russian Federation Maksym Reshetnikov, the heads of the Federal Tax Service, Federal Customs Service, Rosfinmonitoring, deputy ministers of agriculture, industry and trade, foreign affairs, energy, representatives of several other ministries.
According to the approved regulation, the inter-ministerial working group will be «a coordinating body established to ensure effective cooperation between federal authorities, the Bank of Russia, state authorities of the subjects of the Russian Federation, other state authorities, organizations in the implementation of state policy in the field of foreign exchange regulation and international settlements.»
One of the tasks of the group will be «to develop a plan for creating an infrastructure for international settlements with trading partners from friendly foreign countries and territories, including in Russian rubles or the national currencies of such countries and territories, and to control the implementation of this plan.»
At the same time, the group will develop a second plan to create an infrastructure for international settlements, including in Russian rubles, with trading partners from countries that commit «hostile actions» towards the Russian Federation.
The working group will need to develop a counterparty settlement procedure for each of the two plans, including the handling of trade finance operations.
The group’s next task will be to «develop foreign exchange regulation measures to ensure a balance of supply and demand in transactions on 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; ensuring that the structure of the balance of payments is in line with the goals of sustainable economic development, ”reports Interfax.
.
