Putin positively assessed the effect of the decree on the sale of foreign currency earnings

Russian President Vladimir Putin said that the decree on the mandatory sale of foreign currency earnings by exporters had a positive effect on stabilizing the foreign exchange market. At the same time, he called for preparations for increased sanctions pressure.

“There were many questions about this, whether he would play some positive role or not, he did. Monitoring and analysis of activities for individual companies and banks is carried out. Monetary policy measures are also being taken that are appropriate to the situation,” Mr. Putin said at meeting on economic issues.

Vladimir Putin has said that “countless packages of sanctions” imposed on Russia have hit Western economies and jobs as a result. Now, the head of state said, restrictive measures are “reaching the point of absurdity.” As an example, he pointed to the discussion of a ban on the export of “screwdrivers, needles, and so on” to Russia.

“Well, the less junk, the better, perhaps: there is less chance that bed bugs will be exported to us from large European cities,” the president said.

On October 16, Vladimir Putin’s decree came into force, obliging exporters from a closed list to credit their accounts in Russian banks with at least 80% of the currency received under export contracts, in order to then sell at least 90% of this amount on the domestic market. October 27, head of the Central Bank Elvira Nabiullina statedthat it is too early to assess the impact of the measure.

Read more about the decree in the Kommersant article. “A percentage was assigned to the revenue”.

Lusine Balasyan