Press Release: Russian Federation Accepts Article VIII Obligations

IMF News, June 5, 1996

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The Russian authorities notified the International Monetary Fund (IMF) that, with effect from June 1, 1996, the Russian Federation has accepted the obligations of Article VIII, Sections 2, 3, and 4, of the IMF Articles of Agreement.
Press Release No. 96/29 dated June 5, 1996.

IMF members accepting the obligations of Article VIII undertake to refrain from:
- imposing restrictions on the making of payments and transfers for current international transactions; or
- engaging in discriminatory currency arrangements or multiple currency practices without IMF approval.
The IMF exercises firm surveillance over the exchange rate policies of its members, and oversees the elimination of exchange restrictions that hamper the growth of world trade.

A total of 116 countries have now assumed Article VIII status.
By accepting the obligations of Article VIII, the Russian Federation:
- gives confidence to the international community that it will continue to pursue sound economic policies that will obviate the need to use restrictions on the making of payments and transfers for current international transactions; and
- thereby contributes to a multilateral payments system free of restrictions.
Russia's acceptance of the obligations of Article VIII on the fourth anniversary of its joining the IMF is described as a welcome step toward full convertibility of the ruble and marks an important milestone in the country's rapid integration into the global economy.

Russia joined the IMF on June 1, 1992.
Russia's quota is SDR 4,313.1 million (about $6,220 million).
Footnote: "A member's quota in the IMF determines, in particular, the amount of its subscription, its voting weight, its access to IMF financing, and its allocation of SDRs."

Press Release No. 96/29 (June 5, 1996).