According to RBC, the document was supported by the Ministry of Finance and the Bank of Russia.
“Changes to the legislation are aimed at the gradual devaluation of the Russian economy.
At the same time, the provisions of the law will also apply to legal relations arising from deposit agreements of a legal entity in foreign currency, concluded before the entry into force of the law, ”said the representative of the Central Bank.
Earlier, the first deputy chairman of the Central Bank, Ksenia Yudaeva, said that the Bank of Russia is considering the feasibility of the idea of giving banks the right to set negative rates on foreign currency deposits of legal entities.
In October 2019, the Bank of Russia already allowed the introduction of negative rates for deposits in foreign currencies.
If introduced, banks would be able to charge a fee for holding euros, yen or Swiss francs.
On June 17, Russian President Vladimir Putin said that confidence in world currencies had been undermined by Western countries for the sake of ambition and outdated geopolitical illusions.