Rosneft and Gazpromneft says about risks of toughening of currency control

Rosneft and Gazpromneft have asked to change the law on currency control because of fears that it will prevent their projects with foreign partners. According to the Interfax, the companies' top managers sent a corresponding letter to the Government and the presidential administration. An interlocutor of the RBC confirmed this information.

Amendments to the law on currency regulation and currency control and to the Code of Administrative Violations oblige Russian individuals and legal entities to return to the country loans to foreign companies and nationals upon the expiration of the contract. The authors of the initiative thus want to close the loophole for withdrawal of money from the country. For breaking the law an administrative responsibility is provided for: either a fine in the amount of 1/150 of the refinancing rate of the Central Bank of the amount, returned out of time for each day of delay or withdrawal of from 3/4 to the full amount of the loan for the non-payment of money. The draft law was adopted in the first reading at the end of January.