The government obliged foreign subsidiaries of exporters to sell foreign currency earnings

The Russian government published resolutionaccording to which foreign subsidiaries of exporters obliged to sell part of foreign exchange earnings by presidential decree must also comply with this requirement.

The text of the resolution states that parent exporting companies must ensure that their subsidiaries comply with “measures for the mandatory sale of foreign currency.” It is noted that the obligation is imposed on subsidiaries created in accordance with the laws of foreign states and located outside of Russia.

October 11, Russian President Vladimir Putin signed a decree requiring 43 groups of companies in several industries to sell foreign currency proceeds received under foreign trade agreements. The signing of the decree was then announced by presidential press secretary Dmitry Peskov. According to him, the decree includes the mandatory sale of proceeds, the provision of plans and schedules for foreign currency sales and the control of Rosfinmonitoring over the implementation of requirements. Later, Mr. Peskov announced that the decree with the listed list of companies would not be published and would remain a document for official use.

Read more about the decree in the Kommersant article. “Meeting the Currency Commissioners”.