Currency control in Russia: archaism or necessity

Authors

  • Sergey Germanovich Sinelnikov-Murylev Russian Foreign Trade Academy
  • Antonina Davidovna Levashenko The Russian Presidential Academy of National Economy and Public Administration
  • Alexandra Alexandrovna Koval Russian Foreign Trade Academy
  • Pavel Vyacheslavovich Trunin The Russian Presidential Academy of National Economy and Public Administration

DOI:

https://doi.org/10.24412.2072-8042-2019-00052

Keywords:

currency control reform, foreign exchange restrictions, tax information exchange, anti-money laundering in international trade

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.

Author Biographies

Sergey Germanovich Sinelnikov-Murylev, Russian Foreign Trade Academy

Doctor of Economic Sciences, Professor
Place of work, post: Russian Foreign Trade Academy (119285, Moscow, Pudovkina, 4A) - Rector

Antonina Davidovna Levashenko, The Russian Presidential Academy of National Economy and Public Administration

Place of work, post: The Russian Presidential Academy of National Economy and Public Administration (119571, Block 1, 82 Vernadsky Prospekt, Moscow) – Head of Russian Centre of competence and analysis of OECD standards

Alexandra Alexandrovna Koval, Russian Foreign Trade Academy

Place of work, post: Russian Foreign Trade Academy (119285, Moscow, Pudovkina, 4A) - Director of the Russia-OECD

Pavel Vyacheslavovich Trunin, The Russian Presidential Academy of National Economy and Public Administration

Doctor of Economic Sciences
Place of work, post: The Russian Presidential Academy of National Economy and Public Administration (119571, Block 1, 82 Vernadsky Prospekt, Moscow) – Director of the Center for Central Banking Studies

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Published

2024-02-08

How to Cite

Sinelnikov-Murylev, S. G., Levashenko, A. D., Koval, A. A., & Trunin, P. V. (2024). Currency control in Russia: archaism or necessity. Russian Foreign Economic Journal, (5), 7–15. https://doi.org/10.24412.2072-8042-2019-00052

Issue

No. 5 (2019)

Section

Foreign economic relations