Russia removes the obligation to sell foreign currency for some companies

According to the decree signed by Russian President Vladimir Putin, the forced sale of foreign exchange earnings of Russian exporters for some exporting companies was cancelled.

Under the decree, companies that export under intergovernmental agreements will now be exempt from the obligation to sell foreign currency.

In February 2022, the Russian Finance Ministry forced Russian exporters to sell 80 percent of their foreign exchange earnings in foreign trade, as Western countries had frozen half of the Russian Central Bank’s reserves.

The ratio was reduced to 50 percent in May 2022, with the stabilization of the ruble and the restoration of sufficient liquidity in the foreign exchange market. As of June 2022, the rate is now determined by the Russian government. (AA)