mandatory sale of foreign currency earnings will be temporary and targeted – Kommersant

Chairman of the Bank of Russia Elvira Nabiullina said that the requirement for the mandatory sale of foreign currency earnings is of a targeted nature and applies only to the largest exporters. She also drew attention to the temporary nature of President Vladimir Putin’s decree obliging the sale of foreign currency earnings.

“The measures are targeted and affect 43 groups of largest exporters, so for a large number of small, medium, and large companies that have a small share of foreign exchange earnings, they will be able to maintain the current approaches and schemes for foreign trade payments. The decree also provides for temporary nature, the ability of the government to establish the temporary nature of these restrictions. During this time, the effectiveness of this measure will be monitored,” Ms. Nabiullina said at a meeting with State Duma deputies (quoted from “Interfax”).

On October 11, Russian President Vladimir Putin signed decree on the introduction of mandatory foreign exchange in relation to 43 groups of companies that belong to the sectors of the fuel and energy complex, ferrous and non-ferrous metallurgy, the chemical and forestry industries, and grain farming. The measure was introduced for a period of six months. An obligation is also being introduced for individual companies to submit plans and schedules for the purchase and sale of foreign currency on the domestic market to the Bank of Russia and Rosfinmonitoring. Authorized representatives of Rosfinmonitoring will be introduced into individual companies, who will check compliance with currency regulation rules.

Read more about the consequences of introducing the mandatory sale of foreign currency earnings in the Kommersant article. “Meeting the Currency Commissioners”.

Alexander Kislov