Install

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

. Last Updated: 07/27/2016

New Forex Rules to Be Ready Shortly

ROME — Long-awaited measures to ease foreign currency rules in Russia will be ready by the end of summer, a source in the Russian delegation told reporters Friday ahead of the Group of Seven summit of finance ministers.

Finance Minister and Deputy Prime Minister Alexei Kudrin was in Rome for talks with Italian government members and the Japanese finance minister on Friday before he was due to meet his counterparts from the world's most industrialized countries on Saturday.

"Kudrin has informed the Italian officials that in July or August the government will introduce a set of measures to liberalize hard currency controls," the source said.

President Vladimir Putin, who has declared easing foreign exchange regulations a current economic priority, said last Friday the government should draft a bill slashing the required export proceeds sales to 50 percent from 75 percent.

Exporters, major contributors to the state coffers, have long called for reducing the mandatory sales, introduced shortly after the 1998 crisis.