Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Valyuta ban expected to fizzle

Foreigners should not panic yet over a draft law that would prohibit them from earning hard currency for their work in Moscow, lawyers said in interviews Wednesday.


"Last October I heard this type of law would be passed any day", said Robert Langer, a Moscow lawyer. "It's still not clear what will happen".


Under the draft law's definitions, Russians and foreigners living in Russia are classified as residents. The draft would ban residents from all hard currency payments to Russians employees in the form of salaries, wages or other benefits. This is not the first time that the status of foreigners has erupted in controversy. Debate over the current currency regulation law, which came into effect last March, also dealt with the status of foreigners.


The draft Law is now in the committee process, the presidium of the Russian parliament announced this week.