Russia to draft new forex control law by October

RUSSIA - The Russian government intends to draft a new, more liberal law on hard currency controls and regulations by October, the Finance Ministry said yesterday, 24 July.

President Vladimir Putin has set easing of currency controls as a priority for his administration. Parliament backs Putin's drive and earlier this month approved a key bill cutting mandatory export revenue sales by one third to 50 percent.

Finance Minister and Deputy Prime Minister Alexei Kudrin summoned key government and c