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Russia Lifts Currency Controls

Russian rubles (ITAR-TASS) July 1, 2006 -- Russia today lifted currency controls, in accordance with a government decision made earlier this week.

Finance Minister Aleksei Kudrin said the move will make it easier for foreign companies to invest in Russia as well as for Russians to invest their money abroad, without any obstacles.

It is part of a broader plan to make the Russian ruble fully convertible on world markets and comes two weeks ahead of the summit of the Group of Eight (G8) leading industrialized countries in St. Petersburg.