Russian govt reduces mandatory repatriation, foreign currency sales requirements for exporters to zero
MOSCOW. Aug 14 (Interfax) – The mandatory repatriation and foreign currency sales requirements for Russian exporters have been reduced to zero, and Prime Minister Mikhail Mishustin has signed the corresponding decree, the government’s press service said.
The decree is dated August 14.
The decision was made in light of the strengthening and stabilization of the ruble exchange rate as well as the absence of foreign currency liquidity issues, the press service said.
Major Russian exporters were required to deposit at least 40% of foreign currency received under foreign trade contracts into authorized bank accounts and sell at least 90% of deposited currency on the domestic market.
The mandatory repatriation and currency sales requirement was introduced by presidential decree in October 2023 to ensure the exchange rate’s stability and the resilience of Russia’s financial market. It applied to exporters operating in fuel and energy, ferrous and non-ferrous metallurgy, the chemical and timber industries and grain farming.
