The Russian Federal Customs Service clarified yesterday new regulations for the import and export of currency, rubles and travelers’ checks. In spite of the statements about the liberalization of the currency control, all the innovations are obviously restrictive. What is more, the curbs come into force in the holiday season.
Russian President signed the amendments to the currency law passed by the State Duma July 18 to come into effect July 31. Exported cash liable to the declaration will include Russian rubles as well: sums in rubles exceeding $10,000 at the exchange rate will be prohibited to export without a special permission.

Elena Ladozhina, deputy head of the Federal Customs Service’s currency control department, said that current regulations of export also apply for rubles. If the sum is over $3,000 with foreign currency, a declaration will have to be filled in. The official called the restriction “logic” since the Government and the Central Bank now champion the ruble strengthening and its recognition as a convertible currency. However, it is unclear how the curbs on the export of rubles not circulated abroad will make them convertible. In contrast, the lifting of all curbs on rubles export has been previously discussed as a means to support the national currency.

Currency (and rubles) imported in Russia of over $10,000 will have to be declared too. The Russian Central Bank, which lobbied the amendments, explained it by the necessity to have the information on the incoming cash. Travelers’ checks will also have to be declared while crossing the border. They are virtually equated to cash when importing them as they will have to be declared if the sum, together with the cash, exceeds $10,000. However, they are not equated to currency while exporting them and will have to be declared only if their value exceeds $10,000.

All the innovations are restrictive as the citizens’ right to freely use the money is infringed. The regulations are aslo at variance with the Government’s recent claims of the adherence to the liberalization of currency regulations. Unfortunatelly for many travelers, the new rules come into force right for the holiday season.