Current problems of foreign exchange regulations of individuals`transactions in Russia
Existing restrictions on individuals` foreign exchange transactions, as well as the approach to the definition of residency create unnecessary difficulties for law-abiding citizens, and violate one of the basic principles of currency regulation - an exception of unjustified government intervention in foreign exchange operations of residents and nonresidents. The authors provide an analysis of contemporary issues of foreign exchange regulations of individuals` transactions in the Russian Federation, including in the context of international best practices, and make recommendations for improving Russian legislation in this area.