MOSCOW, September 22 (RAPSI) – Yevgeny Fyodorov (United Russia), a member of the State Duma committee on the budget and taxes, has drafted a bill that would prohibit Russian companies from using the US dollar or the euro for domestic transactions, Izvestia newspaper reported on Tuesday.

The free circulation of US dollars and euros is hindering the strengthening of the ruble and prevents it from gaining the status of a global reserve currency, Fyodorov said. “Another obstacle is the fact that many Russian companies keep part or all of their revenue in US dollars or euros,” he said.

Fyodorov has proposed that Russian companies open special accounts at Russian banks for settlements with their foreign partners.

He suggests that Russian companies should be required to include a case for opening a special account, and that the banks should check the reasons behind accounts opened for foreign settlements. “It’s logical that US dollars and euros are used in mutual settlements to pay for resource deliveries to Russia, but their circulation could be limited by restrictions such as special accounts,” Fyodorov said.

Fyodorov thinks Russian banks should be prohibited from issuing foreign currency loans.

Fyodorov also said that the ban on foreign currency transactions should also include the Central Bank, the government, the interior and defense ministries, the Foreign Intelligence Service (SVR) and the Federal Security Service (FSB).