Russian president Vladimir Putin signed a decree requiring certain Russian exporters to sell foreign currency.
According to the decree, a list of such exporters is being approved. They will be required, starting from the date set by the Russian government, to credit foreign currency earnings to their accounts in authorized banks and carry out mandatory sales of this foreign currency on the domestic market. The percentage of currency subject to mandatory sale will be established by the Russian government. Service for Financial Monitoring (Rosfinmonitoring) will oversee the required currency sale.
The Russian Government said the new capital controls would last for six months. The main purpose of these measures it to create long-term conditions for increasing the transparency and predictability of the FX market.
Nadmitov, Ivanov & Partners Law Firm advises on foreign currency law.
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