A new law on foreign currency regulation is needed, Andrey Kozlov, Senior Deputy Chairman of the Russian Central Bank said at a press conference dedicated to the opening of the 11th international banking congress in St. Petersburg. He was quoted as saying that the current law on foreign currency regulation is exposed to frequent criticisms for its excessive intricacy and bureaucracy. The Russian Central Bank is starting active work aimed at creating a new law on foreign currency regulation. Answering journalists' question about the recent judgement of the Russian Supreme Court, according to which the Russian Central Bank's instruction regulating the obligatory selling of foreign currency revenues through the authorized exchange or directly to the Central Bank had been announced invalid, Kozlov said that the Central Bank was planning to appeal this judgement in superior authorities. Additionally, the Russian Central Bank plans to indicate explicitly its authority as far as these operations are concerned in the new law on foreign currency regulation.