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The requirement to sell 50% of exporters' foreign exchange earnings has been canceled

10 июня 2022

On June 10, 2022, the subcommittee of the Government Commission for the Control of Foreign Investments in Russia decided to cancel the requirement for exporters to sell 50% of foreign exchange earnings. The decision applies to both commodity and non-commodity exports and applies to export contracts in any foreign currency. The decision of the subcommittee comes into force on June 10, 2022.

On June 9, 2022, the President of the Russian Federation issued a Decree that abolished the mandatory sale of 50% of foreign exchange earnings. Now the amount of foreign exchange proceeds to be sold will be determined by a government commission.

It follows from the Decree that from June 9, 2022, residents participating in foreign economic activity are obliged to sell foreign currency credited to their accounts in authorized banks on the basis of foreign trade contracts concluded with non-residents and providing for the transfer of goods to non-residents, the provision of services to non-residents, the performance of work for non-residents transfer to non-residents of the results of intellectual activity, including exclusive rights to them, in the amount determined by the Government Commission for Control over Foreign Investments in the Russian Federation, within the period established by the Board of Directors of the Central Bank of the Russian Federation.

The requirement for the mandatory sale of foreign exchange earnings was introduced on February 28, 2022, at first, exporters had to sell 80%, and from May 23 - 50% of foreign exchange earnings. This is due to the stabilization of the ruble exchange rate and the achievement of a sufficient level of liquidity in foreign currency in the domestic market.

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