“Business Russia” proposed to tighten the requirements for exporters to return foreign currency earnings from abroad

Business Association “Business Russia” proposed to the Ministry of Finance to change the approaches to currency regulation and currency control of operations of Russian exporters and importers. According to the source Forbesto consider the initiative suggest at a meeting in the Ministry of Finance, scheduled for this week.

From the letter, which Forbes has read, it follows that Delovaya Rossiya considers it necessary to maintain a balance between tightening currency control requirements for exporters and softening for importers. Thus, as measures to “counter capital outflow”, the association proposes to consider the possibility of returning the mandatory repatriation of foreign exchange earnings for exporters, especially in the primary industries. In addition, Delovaya Rossiya proposes to “strengthen the responsibility” of the Bank of Russia, Rosfinmonitoring and banks for the return of exporters’ proceeds and “suppression of unfair practices” in this area.

Currently, Russia has a moratorium on fines for residents (companies and citizens) for violations of currency laws, if sanctions were the cause of such violations. The moratorium is provided for transactions concluded from February 23, 2022. It was set for the period from February 23 to December 31, 2022. Later it extended until December 31, 2023.

The Finance Ministry is in favor of extending the moratorium until the end of 2025. Delovaya Rossiya, in turn, proposes to extend the moratorium to import transactions that were concluded before February 24, 2022, and for the entire period of their validity. Also, according to “Business Russia”, for the duration of the moratorium, it is necessary to prohibit customs and tax authorities from checking how importers comply with currency legislation.

The business association proposes to increase the threshold for the amount of an import contract from 3 to 10 million rubles. At the same time, the business association proposes to abolish state control over the fulfillment of the terms of foreign trade contracts for the import of raw materials, materials and components.

Previously, the Russian authorities allowed the use of cash to pay non-residents for goods already delivered, work performed, information transferred, and results of intellectual activity. Cash can be used to return advances paid by Russian importers in the event of a disruption in deliveries to the Russian Federation and to settle loans on loans granted to non-residents. Now the government has expanded the ability of exporters and importers to settle with their foreign partners using cash.

More details – in the publication “Kommersant” “White House Cashed in Advances”.