MOSCOW, March 26 (RIA Novosti) – Russia has no plans to impose capital controls to regulate the flow of money into and out of the country, a top official at the Russian central bank said Wednesday, describing such measures as ineffective.

Easing concerns that Russia could introduce restrictions to stop capital outflow, Ksenia Yudaeva, a member of the bank’s board of directors, told parliament the country’s currency remains secure.

“We have found the ruble is a highly insulated currency in terms of protection from sanctions,” Yudaeva said.

Russian Deputy Economy Minister Andrei Klepach said Tuesday that capital outflows from Russia are forecast to reach $70 billion in the first three months of 2014.

Russia’s finance ministry and economic development ministry previously confirmed measures to restrict free capital movement were not under consideration.

Prime Minister Dmitry Medvedev said Tuesday the country welcomes all business partners and has no plans to restrict commercial activity in the country.