Professor Zubets: fines for exporters will help strengthen the ruble exchange rate | Economics | Money

The government supported the initiative of a group of senators and deputies to impose fines for the refusal of exporters to sell foreign currency earnings by decree of President Vladimir Putin. This will discipline participants in foreign trade activities and will help strengthen the ruble exchange rate, Alexey Zubets, director of the Institute of Socio-Economic Research of the Financial University under the Government of the Russian Federation, told aif.ru.

“Fines for refusing to sell foreign currency earnings will have a positive effect on the ruble exchange rate. This is the right measure, because promises without some responsibility mean nothing, they are just kind words. For the currency sale measure to work, it is necessary to punish those who do not sell,” the expert said.

Due to external restrictions, organizing exports in Russia has become more complicated, and now exporters en masse use so-called gasket companies. First, they purchase goods from the Russian Federation in formal compliance with sanctions, and then sell them on the world market at free prices, noted Professor Zubets.

“Such a company can be located anywhere abroad, and it is on its accounts that foreign currency earnings are deposited. Formally, the presidential decree does not apply to them. Fines are needed in order to force the Russian owners of these gaskets to fulfill their obligations to sell currency not formally, but in essence,” the expert concluded.

Earlier it became known that the Ministry of Finance supported the parliament’s initiative to introduce fines for violating the rules for the mandatory sale of export proceeds, which were established by decree of President Vladimir Putin. For its part, the government proposed to determine the maximum fine and appoint an agency that will deal with such cases.