The Government of the Russian Federation softened the requirement for the mandatory sale of foreign exchange earnings by exporters. This is stated in the message on the website of the Cabinet of Ministers of the Russian Federation.
Earlier, exporters were obliged to credit their accounts in authorized banks at least 60% of foreign currency received under foreign trade contracts. Now this threshold is reduced to 40%.
“The decision was made taking into account the stabilization of the national currency and the achievement of a sufficient level of foreign exchange liquidity,” the report said.
Previously, the threshold was reduced on June 20 – from the original 80% to 60%.
The requirement for the mandatory repatriation of foreign currency and the sale of currency revenue was introduced by the presidential decree in October 2023 to ensure the stability of the foreign exchange rate and the stability of the Russian financial market. It applies to exporters working in the fuel and energy complex, branches of ferrous and non-ferrous metallurgy, chemical and forest industries, and grain facilities. The specified measure is valid until April 30, 2025.