exporters will begin to be given exemptions from the sale of foreign currency – Kommersant

The government intends to allow Russian exporters to partially or completely not sell foreign currency, sources said “Vedomosti”. Companies and their subsidiaries, including foreign ones, that receive more than 50% of their profits in rubles or have foreign currency loans can apply for exemptions.

Exporters will have the opportunity not to sell foreign currency if they receive more than 50% of the profit in rubles. At the same time, companies are still required to transfer income, including ruble income, to accounts in local banks. Companies with foreign currency loans will be allowed to deduct the amount of this debt from the volume of revenue sold in Russia. Separate deferments will also be issued for crediting foreign currency earnings to Russian accounts.

Permits will be issued by a government commission, considering each case individually. Special conditions can be provided to the entire group of companies, without being tied to a specific subsidiary. Companies that receive relaxations will be required to report to Rosfinmonitoring on a weekly basis. Amendments to government resolution No. 295, clarifying these powers of the government commission, have already been agreed upon with the Federal Customs Service, Federal Tax Service, Rosfinmonitoring and the Bank of Russia. However, the document has not yet received government approval and may be changed.

In October 2023, Russian exporters were required to credit at least 80% of proceeds to Russian bank accounts, of which at least 90% must be sold. The decree was valid until April 30, 2024, but was extended until the end of this year. First Deputy Prime Minister Andrei Belousov said that the measure would stabilize the ruble exchange rate to 90 rubles. However, the Central Bank didn’t support extension of the measure. In February the government spoke for imposing fines due to violation of established rules.

Read more about the growth in Chinese currency trading volumes in the material “A bright tomorrow has arrived for the yuan”.

Alexandra Goroshilova