“ruble circulation” has arisen in business due to the rules for the return of revenue – Kommersant

Russian companies have encountered difficulties with the mandatory sale of export proceeds under the mechanism launched by the president in October, they report “Vedomosti” with reference to sources. A business that receives revenue abroad in rubles is forced to exchange it for foreign currency, transfer it to Russian banks and change the currency back to rubles. One of the publication’s interlocutors called the current situation a “rouble cycle.” Companies complain that this approach creates additional difficulties for sanctioned companies restricted from using foreign currency.

On October 11, President Vladimir Putin signed a decree according to which exporters from the closed list are required 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. According to the newspaper, the problem arose from the wording in the government decree explaining the principles of the new mechanism: it does not specify whether the currency of the proceeds plays a role. According to Vedomosti’s source, companies would like to allow more free disposal of ruble external income.

A representative of the Ministry of Finance confirmed that the new rules do indeed involve exchanging rubles for foreign currency abroad, and then exchanging it again in Russia. “If the terms of the contract provide for payment in rubles, then the exporter has 30 days to buy foreign currency with the proceeds in rubles on the foreign exchange market in the amount of at least 50% of the amount of proceeds received in accordance with the terms of the foreign trade agreement, and credit it to an account in an authorized bank and carry out the mandatory sale of foreign currency earnings in the amount of foreign currency credited to the account in an authorized bank,” explained the department’s press service.

The list of organizations affected by currency control is not disclosed, however, according to “Kommersant” included companies whose share of exports in revenue exceeds 60%. November 2 to the State Duma contributed a bill on penalties for failure to fulfill obligations to sell foreign currency earnings. It is proposed to set the fine for officials in the amount of 40 thousand to 50 thousand rubles. , for legal entities – from three-quarters to one of the amount of foreign currency earnings not sold in the prescribed manner.

Details – in the material “Kommersant” “A percentage was assigned to the revenue”.

Laura Keffer