In the State Duma a bill banning the use of Russians dollars

To the State Duma a draft law prohibiting trafficking in the territory of Russia and storage of dollars. In case the document Russian citizens will be required within one year to close their existing dollar accounts in Russian banks, and all the data stored on them dollars (as well as cash dollar bills) to exchange currency for rubles or in other countries - the euro, pound sterling, yen , Yuan, etc.

After a year of dollar accounts will be closed automatically, and found the police, customs, tax authorities, border guards or employees of the FMS cash dollars will be withdrawn.

However, the value of seized U.S. dollars still offered to reimburse. However, not immediately but within 30 calendar days "in the manner prescribed by the federal body of executive power."

A Russian lawmaker has proposed legislation to ban dollar deposits and transactions from Russian banks, claiming the currency is on the brink of collapse.





Mikhail Degtyaryov, a member of the Liberal Democratic Party, said that if U.S. national debt continues to grow at current levels, the dollar will collapse by 2017, according to a story in the Moscow Times. Countries that depend on the currency would suffer “an economic disaster.”

The ban would take effect in a year after the bill’s passage. It stipulates that any holder of a dollar-denominated account would need to spend the money, convert it to rubles or another currency, or the bank will convert the account to rubles at the average exchange rate for the previous year.

Russians would still be allowed to hold dollar-denominated accounts in foreign banks, buy and sell dollars while abroad and engage in e-commerce using dollars.

According to the Times, it is unclear when the bill might have its first legislative hearing, and whether it has enough support in the pro-Kremlin legislature to be passed into law.

"In light of this, the fact that confidence in the dollar is growing among Russian citizens is extremely dangerous," Degtyaryov said in an explanatory note attached to the bill.

Lawmaker Seeks to Ban U.S. Dollar

13 November 2013 | Issue 5255

The Moscow Times



Warning that the U.S. dollar is on the brink of collapse, a State Duma lawmaker has submitted legislation to ban dollar deposits and transactions at Russian banks.

Mikhail Degtyaryov of the Liberal Democratic Party said the dollar will collapse in 2017 if U.S. national debt continues to grow at the current rate, and he cautioned that countries with a high dependence on the currency would suffer an economic disaster.

"In light of this, the fact that confidence in the dollar is growing among Russian citizens is extremely dangerous," he said in an explanatory note attached to the bill, according to Interfax.


The bill, which would impose the ban within a year of its passage, says the holder of a dollar account would need to spend the money, convert it into another currency, or see the bank convert the account into rubles at the average rate for the previous year.

Russians could still buy and sell dollars while abroad, hold dollar deposits in foreign banks, and engage in e-commerce.

The legislation would not apply to the Central Bank, the government, the Foreign Ministry, the Defense Ministry, the Foreign Intelligence Service, the Federal Security Service and the Federal Treasury.

It was unclear when the bill might come up for a first hearing and whether it would find enough support in the pro-Kremlin legislature to be passed into law.


Read more: www.themoscowtimes.com/business/article/...5.html#ixzz2kX4esWCQ
The Moscow Times

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