YEREVAN, February 26. /ARКА/. The Federation Council of the Russian Federation approved a law granting the board of directors of the Bank of Russia the right to determine on an annual basis the list of types of foreign currencies that can be contributed to pay for the authorized capital of credit organizations, insurance organizations and non-state pension funds (NPF), TASS reports.
Such a list may presumably include currencies of the countries of the Eurasian Economic Union (EAEU) – Armenia, Kyrgyzstan, Kazakhstan, Belarus, currencies of the BRICS countries, including the Chinese yuan (allowed for use now) and the Indian rupee, as well as the currencies of Brazil, South Africa, Argentina, Egypt, Iran, the United Arab Emirates, Saudi Arabia and Ethiopia.
The main objective of the document is to increase the investment attractiveness of the Russian financial market for non-residents from friendly countries, as well as to expand opportunities to counter foreign restrictive measures, de-dollarize the economy, and reduce the negative impact on the ruble exchange rate, the explanatory note says.
In addition, additional conditions will be created for the transition to the use of the Russian ruble and national currencies of individual countries – trading partners of the Russian Federation in cross-border settlements, to reduce the risks caused by the actions of unfriendly states and associated with the possible formation of capital of Russian credit institutions in US dollars and euros.-0-
