Ivan Sukharev Proposes Banning Russians From All Foreign Currency Transactions


Translated by Ollie Richardson for Fort Russ

28th December, 2015

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A member of the State Duma from the LDPR (Liberal Democratic Party), Ivan Sukharev, has proposed to outlaw Russians from any foreign exchange operations in the country, according to “Izvestia”. According to the parliamentarian, it would help to strengthen the Ruble.

Sukharev has prepared a bill under which any currency transactions, cash or non-cash, should be prohibited for residents in the territory of Russia. According to the MP, you can’t pay using currency, nor accept or repay loans, or store it in accounts. He also proposed to ban the sale and purchase of foreign currency.

In support of the proposal, Sukharev referred to “many countries in Asia and Africa”, who allegedly introduced such restrictions at different times.

In addition, as noted by the MP, the most popular currencies in Russia are the Dollar and the Euro — money of the countries that have imposed sanctions against Russia. Thus, a ban on the circulation of currency may be another safeguard measure, along with the food embargo.

As a reminder, today the Central Bank tightened the rules of exchange for citizens of the Russian Federation: now, besides passport data, when exchanging more than 15 thousand rubles, the Bank will be required to verify a citizens phone, email and other information, at their discretion, which will be recorded in a special questionnaire.

According to experts, because of these measures, the speed of transactions on the exchange will be reduced significantly. Analysts suggested that the Central Bank is trying to discourage citizens’ desires to convert deposits into currency bypassing devaluation of the Ruble.

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