The Russian government has relaxed requirements for the largest Russian exporters regarding mandatory sales of foreign exchange earnings. Previously, they had to credit their accounts in authorized banks with at least 80% of the foreign currency received under foreign trade contracts. Now this threshold has been reduced to 60%.
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“The decision was made taking into account the stabilization of the exchange rate of the national currency and the achievement of a sufficient level of foreign currency liquidity,” according to the Russian government’s official Telegram channel.
The measure is valid until April 30, 2025.
The mandatory repatriation requirement was introduced by decree of the President of the Russian Federation in 2023. The goal is to ensure the stability of the exchange rate and the stability of the Russian financial market.
The standard applies to exporters operating in the fuel and energy complex, ferrous and non-ferrous metallurgy, chemical and forestry industry and grain cultivation.
In April, plans by the Russian authorities to extend the decree on the sale of foreign currency earnings by exporters became known until the end of 2024. At the same time, the Bank of Russia stated that such a need did not exist.
Author:
Anastasia Marina
Source: RB
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