Authorities will extend obligation to sell profits in foreign currency until the end of the year: media

In early October, Vladimir Putin signed a decree according to which individual exporters undertake to repatriate and sell part of their foreign currency earnings. However, the Kremlin decided not to publish the text of the document.

Even then, the authorities explained that the measure did not apply to all, but only to 43 companies operating in the fuel and energy complex, in ferrous and non-ferrous metallurgy, in the chemical and forestry industry and in the cultivation of cereals. . These organizations had to credit at least 80% of the income to Russian accounts and then sell at least 90% of this amount on the domestic market.

According to a publication source close to the Russian Union of Industrialists and Entrepreneurs (RSPP), due to difficulties with cross-border transfers, repatriation of the product within the specified period (60 days after sale) is almost impossible. At the same time, the authorities assured that the mandatory sale of foreign currency profits would be a temporary measure, explains the newspaper’s interlocutor.

The source also indicated that he hopes the measure will be relaxed, despite its extension. He recalled that the requirement had to be in force until April 30, 2024.

First Deputy Prime Minister Andrei Belousov previously spoke about plans to expand the rule on the sale of foreign currency profits. The Central Bank, in turn, indicated that there is no such need.