The Cabinet of Ministers has softened the requirement for exporters to sell
The Russian government has relaxed the requirements for mandatory repatriation of foreign currency earnings for the largest Russian exporters. The corresponding decree was signed by Prime Minister Mikhail Mishustin.
Previously, exporters were required to transfer at least 60% of the foreign currency received under foreign trade contracts to their accounts with authorized banks. Now this threshold has been lowered to 40%.
The requirement for mandatory repatriation of foreign currency and sale of foreign exchange earnings was introduced in October 2023 to ensure the stability of the exchange rate and the stability of the Russian financial market.
This requirement, which is valid until April 30, 2025, applies to exporters working in the fuel and energy complex, ferrous and non-ferrous metallurgy, chemical and forestry industries, and grain farming.
This article was originally published by a www.akm.ru
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