In Russia, some export companies were forced to sell foreign currency.

Russian President Vladimir Putin reintroduced the obligation to sell foreign currency to his country’s main exporters due to the depreciation of the ruble.

The Russian government statement states that Putin signed a decree for some Russian export companies.

Consequently, Russia’s 43 largest export companies are required to sell their foreign exchange earnings on the domestic market, while some official institutions will supervise the foreign exchange sales process of these companies.

IT WAS ON THE AGENDA AFTER THE LOSS OF VALUE OF THE RUBLE

Russian First Deputy Prime Minister Andrey Belousov, whose views were included in the statement, said: “The main goal of these measures is to increase the transparency and predictability of the foreign exchange market and reduce opportunities for currency speculation.” he said.

The obligation to sell foreign currency to companies in Russia after the Ukrainian war was abolished after a while. However, its reimplementation entered the agenda after the ruble lost more than 25 percent of its value against the dollar this year.

In his September 12 statement, Russian President Vladimir Putin noted that export companies return their foreign exchange earnings to Russia on a “limited” basis and said: “You must understand the fact that it is safer to work here. I am sure that “the people I speak to understand me.” he said. (BRITISH AUTOMOBILE CLUB)