Posted on 04/27/2022 11:48:18 PM PDT by Cronos
The Russian authorities have decided to tighten control over the foreign currency cash market, which is rapidly going “into the shadows” after the Central Bank of the Russian Federation banned the sale of dollars and euros to individuals through bank cash desks and “exchangers”, and limited the issuance of “cash” from deposits and accounts to an amount of 10 thousand dollars per person.
According to RBC, the Federal Tax Service instructed the territorial authorities, together with the Ministry of Internal Affairs, to identify illegal transactions for the purchase and sale of foreign currency “from hand”, which is carried out through telegram channels, social networks and private announcement services.
Currency transactions bypassing banks create a “threat to stability” of the ruble and “stability of the foreign exchange market,” according to a letter received by the tax authorities from the central office of the Federal Tax Service.
Operational measures to identify “black currency traders” are planned to be carried out with the participation of the police under an agreement on interdepartmental cooperation of 2010.
Foreign exchange transactions bypassing authorized banks are an administrative offense, reminds the Federal Tax Service. According to part 1 of article 15.25 of the Code of Administrative Offenses, they are punished with a fine in the amount of 75% to 100% of the amount of an illegal currency transaction. In addition, the object of the offense itself – for example, cash dollars or euros – can be confiscated by a judge’s decision, in accordance with Article 3.7 of the Code of Administrative Offenses.
Large currency speculators who sell “cash” at rates higher than the official one face criminal liability.
“If the seller, as a result of such activities, managed to receive an income in the amount of more than 2.25 million rubles, then he can also be attracted article 172 of the Criminal Code of the Russian Federation for illegal banking activities. The punishment for it is imprisonment for up to four years, and in cases where his income exceeded 9 million rubles, up to seven years, ”says Yury Fedyukin, managing partner at Enterprise Legal Solutions.
In the event of an administrative offense, liability is provided for both the seller and the buyer of the currency, he warns.
The Central Bank of the Russian Federation, we recall, introduced strict currency restrictions on March 9 – after Western countries froze Russia’s international reserves, and the US and the EU announced a complete cessation of supplies of cash dollars and euros to the country.
The bans were preceded by a mass pilgrimage of Russians to banks in order to withdraw currency. According to the Central Bank, in February, individual clients withdrew $ 9 billion from accounts and deposits – a record amount in the history of available statistics. The main outflow occurred in the last days of the month, after the start of the war with Ukraine.
As of February 1, citizens of the Russian Federation kept $90.6 billion in banks; of which 54.4 billion – on foreign currency deposits, and 36.3 billion – on current accounts. Another 74.6 billion dollars were kept in cash outside the banking system (according to Rosstat, as of January 1).
https://www.wsj.com/livecoverage/russia-ukraine-latest-news-2022-03-09/card/moscow-limits-foreign-currency-trading-to-shore-up-struggling-ruble-dgTDTQdEOkO3wgoFyC3I
Russia’s central bank implemented fresh capital controls, limiting the amount of dollars that Russians can withdraw from foreign-currency bank accounts and barring banks from selling foreign currencies to customers for the next six months.
Dumbass Putin fluffer “if the sanctions are working why has the ruble recovered?”
The Russian official exchange rate is fiction.
No one voluntarily buys rubles with dollars in Russia.
They are burning hard currency and hiked central bank’s interest rates to 17%,although down from 20%.
The US Federal Funds rate is 0.5%
Why post it now when the ruling was lifted since April 18?
Because Putin will not bow to globalism. Biden confirmed what we already knew. If the globalists can replace Putin with a zelensky.. they are in worldwide power in nuclear, raw resources and every other imaginable way.
We are going to love their globalist, even if they have to sacrifice 1000 times the population of Ukraine.
If we are really lucky, they will install a deep state with their Putin replacement. Can’t get enough.
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