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Issue № 69. August 2018

State Regulation of International Capital Flows in Conditions of Sanctions Restrictions: Pro et Contra

Dmitriy K. Chistilin, Sergey A. Perekhod

Dmitriy K. Chistilin — PhD, President of Simon Kuznets International Institute for Self-organization and Development, Moscow the Russian Federation
E-mail: skisd@mail.ru

Sergey A. Perekhod — research scientist, Simon Kuznets International Institute for Self-organization and Development, Moscow, the Russian Federation
E-mail: s.perehod@gmail.com

The authors consider the main reasons for the export of capital from Russia, since this significantly affects the conditions of economic growth and its long-term development. The position of international organizations and the world practice on the issue of capital flow restrictions are considered. The main theoretical concepts are presented, which take into account the advantages and disadvantages of limiting the cross-border movement of capital under sanctions. Based on the research, the authors come to the conclusion that under such conditions as foreign economic sanctions, a lack of domestic investment and undercapitalization of the economy, excessive openness of the Russian economy and passive policies of the Bank of Russia have led to negative consequences in the economy. The result of such actions were: stagnation of production, deterioration of macroeconomic parameters, falling incomes of private and corporate sectors of the economy, growth of social tension and loss of competitiveness of the economy in international markets. All this together represents the dependence of the Russian economy on the system of international monetary and financial relations and, as a result, a threat to national economic security. The authors come to the conclusion that it is advisable to develop special measures that minimize the export of financial resources from Russia and limit the inflow of speculative foreign capital.

Keywords

Monetary policy, financial sovereignty, sanctions, the Bank of Russia, capital outflow, investment climate.

Comments:
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