Putin signed a decree on the mandatory sale of foreign currency by individual exporters
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The Russian government reports that Russian President Vladimir Putin has signed a decree on the mandatory sale of foreign currency proceeds received by individual exporters under foreign trade contracts.
The Cabinet of Ministers statement notes that mandatory repatriation of foreign currency earnings and its sale on the Russian market is introduced by decree of the head of state for 6 months in relation to a specific list of exporters. The list includes 43 groups of companies in the fuel and energy sector, metallurgy, chemical and forestry industries, and grain farming.
At the same time, individual companies will be required to provide the Central Bank and Rosfinmonitoring with a plan for the purchase and sale of currency.
The government emphasizes that this will increase the transparency and predictability of the foreign exchange market.
Press Secretary of the Russian President Dmitry Peskov, in turn, noted that the percentage of foreign currency earnings that will be subject to sale is set by the Russian government. Also, the Cabinet of Ministers must notify exporters within seven days about their inclusion in the list. Peskov added that the decree also prescribes the powers of Rosfinmonitoring representatives who will be appointed to the company.
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