Russian cabinet extends obligatory sale of foreign currency revenue for one year

MOSCOW:  Russia’s government has approved the decree extending requirements on obligatory sale of foreign currency revenue until April 30, 2...


MOSCOW:  Russia’s government has approved the decree extending requirements on obligatory sale of foreign currency revenue until April 30, 2025, the cabinet reported on its Telegram channel.

The issue is about obligatory repatriation of foreign currency and sale of foreign currency revenue on foreign trade contracts for certain large Russian exporters. The move is to facilitate maintenance of stability of the foreign currency exchange rate and sustainability of the Russian financial market, the government noted.

In October 2023, Russian President Vladimir Putin signed a decree requiring certain Russian exporters to sell part of foreign currency revenues on the domestic market. According to the document, obligatory repatriation and sale of revenues in foreign currency on the Russian market is introduced in volumes defined by the government for 43 groups of companies. The policy proved efficient. It helped stabilize the situation on the domestic foreign currency market through reaching the sufficient level of currency liquidity and provided an opportunity to cover deficit of currency that importers need for keeping supplies of products to Russia, according to the cabinet.


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Local Glob: Russian cabinet extends obligatory sale of foreign currency revenue for one year
Russian cabinet extends obligatory sale of foreign currency revenue for one year
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