Foreign Currency

The requirements for the return of foreign currency earnings were planned to be extended

OREANDA-NEWS  The Russian authorities have decided to extend the requirements for the return of foreign exchange earnings by the largest exporting companies until the end of this year. This is reported by the Vedomosti newspaper with reference to two federal officials.

It is clarified that in case of extension, the standards will remain the same. 43 groups of companies from among the largest exporters are required to transfer at least 80 percent of their revenue to their Russian accounts, and then sell at least 90 percent of the amount credited to the accounts on the domestic market

Initially, according to Vladimir Putin’s decree, the repatriation of proceeds was introduced for six months. It expires on April 30. Until recently, there was no final decision on the extension or completion of the deadline.

First of all, we are talking about organizations of the fuel and energy complex, ferrous and non-ferrous metallurgy, chemical and forestry industries, as well as grain farming. Organizations will be required to submit to the Central Bank and Rosfinmonitoring plans and schedules for the purchase and sale of foreign currency on the domestic market.

As the Ministry of Finance said, the introduction of the requirement for the mandatory sale of foreign exchange earnings by a number of Russian companies is due to the need to stabilize the ruble exchange rate.

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