The Government of the Russian Federation published on the official portal Resolution No. 953 of July 12, 2024, in which it reduces the threshold for the mandatory sale of foreign exchange earnings by the country’s largest exporters from 60% to 40%. Earlier, on June 20, the threshold was reduced from 80% to 60%.
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The easing of conditions for financial activities of enterprises operating in the fuel and energy complex, chemical and forestry industries, ferrous and non-ferrous metallurgy, and grain growing is associated with changes in the economic situation.
According to the Cabinet of Ministers’ website, “the decision was made taking into account the stabilization of the national currency exchange rate and the achievement of a sufficient level of foreign currency liquidity.”
The requirements for mandatory repatriation of foreign currency earnings “to ensure exchange rate stability and the stability of the Russian financial market” were introduced by presidential decree in October 2023 until April 30, 2025.
They stipulated the mandatory payment of at least 80% of the foreign currency obtained as a result of foreign trade transactions into accounts in authorized banks. On June 20, the threshold was reduced to 60% and today it is already 40%.
Author:
Ekaterina Alipova
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
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