MOSCOW, October 30. /TASS/. Restrictions on capital movement should be temporary and lifted as the economy adapts to new conditions, Bank of Russia stated in a draft document on guidelines for development of the domestic financial market for 2024 and the period 2025 and 2026.

"Restrictions on the movement of capital create costs for business, development of foreign economic activity, and investment climate, and taking this into account, they must have a targeted, time-limited nature. In the future, it is necessary to move towards their abolition as the economy adapts to new conditions," the document states.

The regulator notes that restrictions on the movement of capital, which played a certain role in maintaining financial stability during the acute phase of the introduction of sanctions in 2022, have been largely lifted, taking into account the costs for citizens and businesses, the difficulties for foreign trade and financial settlements that they create.

According to the regulator, the financial authorities need to comprehensively assess the scale of the counter-sanction effect of such restrictions as well as their impact on business and economic development, the confidence of national and foreign investors.

On October 11, 2023, the Russian government announced that in order to stabilize the exchange rate, the sale of foreign currency earnings for a period of six months would be introduced for 43 groups of companies. From October 16, individual Russian exporters, within 60 days after receiving funds, are required to transfer to their accounts in Russian banks at least 80% of all foreign currency received in accordance with the terms of their export contracts.

In September 2023, Finance Minister Anton Siluanov said that the ministry was in favor of stricter currency controls in the current situation.