MOSCOW, February 3. /TASS/. The Union of European Football Associations (UEFA) will not be making concessions to Russian football clubs for financial fair play obligations in view of the recent national currency exchange rate volatility, Andrea Traverso, head of UEFA's club licensing and financial fair play unit, said on Tuesday.
Russia’s ruble has slumped over the past few months to a record low of 75 rubles to the dollar in mid-December, compared to an average of 38 rubles in September, but rebounded to 53.23 by late December. The Russian currency currently stands at 66 rubles to dollar. It was traded at 33 rubles to the dollar at the start of 2014.
The European football official said there would be no concessions to Russian clubs as there was not a provision in UEFA’s regulations on fair play concerning poor economic situation in a definite country, which could be viewed as an extenuating factor.
However, Traverso said, the current situation was that the Russian currency had lost half of its value and as the national football clubs were unable to influence the developments, UEFA would be dealing separately with each emerged financial situation in Russian clubs.
The principle of financial fair play was approved by UEFA Executive Committee in September of 2009 and came into force in 2011. Since then each club participating in UEFA competitions must prove it has no overdue liabilities to other football clubs and its players or tax arrears as well. A football club must also prove that it did not spent more than it earned.