At a meeting with business, Belousov called the sale of foreign currency earnings effective

First Deputy Prime Minister of Russia Andrei Belousov held a meeting with representatives of the Russian Union of Industrialists and Entrepreneurs, as well as exporting companies. The mechanism for the mandatory sale of foreign currency earnings was discussed at the meeting, which, according to Mr. Belousov, has shown its effectiveness.

“Our task is to ensure funding for imports. The measures introduced for the mandatory sale of foreign currency earnings by the largest exporters have shown their effectiveness. The government has taken into consideration the issues raised today at the meeting, and we will continue to interact with Russian exporting companies,” said Mr. Belousov (quoted by Interfax).

According to the head of the Russian Union of Industrialists and Entrepreneurs, Alexander Shokhin, the meeting with the Deputy Prime Minister was very constructive, and “the main concerns of business were heard.” “We agreed on a format for further joint work on this sensitive topic for exporters,” he added.

The requirement to sell foreign currency proceeds came into force on October 16, 2023. It was supposed to be valid until April 30 of this year, but the government decided to extend it for the whole of 2024. First Deputy Prime Minister Andrei Belousov said that the decree made it possible to stabilize the ruble exchange rate to 90 rubles. Extension of the measure didn’t support Bank of Russia. According to Vedomosti sources, consideration of the bill in the State Duma in the second reading has already been postponed twice.

Read more about the disputes surrounding foreign exchange earnings in the Kommersant article. “It would be something to sell”.