The Russian Government has decided to relax the requirements for mandatory repatriation of foreign currency proceeds for major Russian exporters operating in the fuel and energy complex, ferrous and non-ferrous metallurgy, chemical and timber industries, and grain farming.
Previously, they were obliged to transfer to their accounts in authorized banks at least 60% of foreign currency received under foreign trade contracts. Now this threshold has been reduced to 40%, which is due to stabilization of the national currency exchange rate and achievement of a sufficient level of foreign currency liquidity.
This measure is valid until April 30, 2025.
Source: Resolution of the Government of the Russian Federation of 12.07.2024 No. 953 “On Amending the Resolution of the Government of the Russian Federation of October 12, 2023 No. 1681”; Information from the website of the Government of the Russian Federation of 13.07.2024.
Previously, they were obliged to transfer to their accounts in authorized banks at least 60% of foreign currency received under foreign trade contracts. Now this threshold has been reduced to 40%, which is due to stabilization of the national currency exchange rate and achievement of a sufficient level of foreign currency liquidity.
This measure is valid until April 30, 2025.
Source: Resolution of the Government of the Russian Federation of 12.07.2024 No. 953 “On Amending the Resolution of the Government of the Russian Federation of October 12, 2023 No. 1681”; Information from the website of the Government of the Russian Federation of 13.07.2024.