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  Tuesday, October 27, 2020
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Russia lifts all restrictions on capital movement beginning from July 1
Russia lifts all restrictions on capital movement beginning from July 1, Finance Minister Alexei Kudrin has said. “Convertibility of the national currency in the whole world depends on the freedom of capital circulation; such restrictions exist in a number of countries, including in Russia, China and India, and they do not allow investing capital even in the nearest countries,” he said in Yekaterinburg on Friday. “The restrictions also made it impossible for foreign investors to do full-value work in the Russian economy,” Kudrin stressed. Beginning from July, investors will have no restrictions, including on capital investment abroad by Russian investors. “This is one of fundamental changes in the Russia economy. It is necessary to free the movement of the capital in the Russian economy for its greater mobility,” Kudrin said. He added that restrictions on the movement of workforce still remain in Russia. “Measures will be taken in the nearest tine for workforce being more mobile in order it could be used where there is a growth point,” he said. Kudrin said that Russia’s gold and currency reserve sized 225 billion dollars allows implementing these measures. He is attending a meeting in Yekaterinburg of the council under the Russian president’s representative in the Urals Federal District.
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