News announcement
Russian Government has eased the requirement for the mandatory foreign currency sales
Now that the new regulation somes into force Russian exporters will be required to credit at least 60% of the foreign currency received under foreign trade contracts to their accounts in authorized banks, instead of 80%. Minister of Industry, Mine and Trade of the Islamic Republic of Iran.
Earlier, in October 2023, President Vladimir Putin introduced the requirement for mandatory repatriation of foreign currency and the sale of foreign currency earnings to ensure the stability of the exchange rate and the resilience of the Russian financial market.
This requirement applies to exporters operating in the fuel and energy complex, ferrous and non-ferrous metallurgy, chemical and forestry industries, and the grain sector. This measure is in effect until April 30, 2025.
Source: https://www.akm.ru/news
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