Russia’s Finance Ministry plans to allow Russian exporters to receive cash advances and credit them in Russia to domestic bank accounts, in both rubles and other foreign currencies.
This was reported by RBC with reference to the draft amendments to the government decree of December 26, 2022. The document establishes the rules for cash settlements between residents and non-residents.
Currently, companies can only receive cash after actual deliveries or work is completed. They are also entitled to receive cash as a repayment of an advance they paid abroad for goods that could not be imported into Russia, as well as in the form of repayment of loans granted to non-residents.
The agency also intends to clarify the wording and allow cash to be received under contracts that “provide” for the transfer of goods and services, meaning such an adjustment will help exporters receive cash advances from foreign companies.
The explanatory note to the draft notes that the analysis of law enforcement practice showed that advance payments are made under foreign trade agreements. Thus, the document provides for the possibility for exporters to receive cash under contracts both after the transfer of goods to non-residents, the performance of work for them, and as advance payment.
- The Ministry of Finance explained why the dollar has grown in recent days. This is due to an increase in imports and a drop in export revenue, said the head of the ministry, Anton Siluanov. He added that the Central Bank now “does not set limits.”
Author:
karina pardaeva
Source: RB
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