Government of Russian Federation softened requirement for mandatory sale of foreign exchange earnings by exporters

The Russian government softened the requirement for the mandatory sale of foreign exchange earnings by the largest Russian exporters.

“For the largest Russian exporters, the requirements for mandatory repatriation of currency revenue are softened. Earlier, they were required to credit their accounts in authorized banks at least 80% of foreign currency received under foreign trade contracts. Now this threshold is reduced to 60%,” the saying In a message published on the Cabinet website.

The message notes that the decision was made taking into account the stabilization of the national currency and achieved enough currency liquidity level.

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. The requirement concerns 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.