The Bank of Russia is ready to ease restrictions for non-residents, but… .
2022.11.29 13:02
The Bank of Russia is ready to ease restrictions for non-residents, but… .
Budrigannews.com – According to a statement released on Tuesday by Russia’s central bank, the country is willing to unfreeze Russian assets abroad in exchange for easing restrictions on transactions by so-called unfriendly non-residents.
After Western sanctions were imposed for Moscow’s actions in Ukraine, Russia implemented capital controls to prevent foreign investors from unfriendly nations from selling Russian issuer securities.
The Bank of Russia stated in a report, “Requirements for residents can be liberalized as much as possible, while the strictness of requirements for non-residents should vary depending on their jurisdiction.”
After Moscow imposed its own restrictions in response to Western sanctions, investors and companies from other countries discovered that their assets were essentially stuck in Russia.
It added, “The principle of reciprocity should be followed when establishing foreign currency bans and restrictions, namely to introduce bans and restrictions only in relation to residents of those states that have introduced such measures against the Russian Federation.”
In response to the easing of sanctions, the Russian central bank stated that it may consider liberalization, specifically the unblocking of assets, in relation to unfriendly nations.
