Russia may extend mandatory sale of part of exporters’ foreign currency earnings for another year after clarifying certain regulations
MOSCOW. March 4 (Interfax) – It has been proposed that the presidential decree on the mandatory repatriation and sale of part of Russian exporters’ foreign currency earnings, set to expire on April 30, be extended for another year.
The Finance Ministry is seeking to clarify certain provisions of the existing regime but does not see the need to adjust its basic parameters, as exporters continue to comply with the decree’s requirements with a margin.
Work on refining the current framework is ongoing, Deputy Finance Minister Alexei Moiseyev told reporters.
“There are two main issues. The first issue is that companies (justifiably, in my opinion) often raise concerns that they cannot always comply with the decree’s provisions. This particularly applies to companies subject to blocking sanctions from various unfriendly states. Of course, if they objectively cannot comply, the Administrative Code says that they cannot be penalized. Companies argue that the procedure should be made simpler and more straightforward. That’s what we are working on right now,” Moiseyev said.
“The second issue relates to clarifying regulations regarding clearing. Some liberalization in this area was introduced in December, but there remains the issue that the same company can be both an exporter and an importer, or there may be affiliated companies, or even entirely unrelated ones. Provided that we properly establish accounting mechanisms, these issues could also be effectively addressed,” he said.
