The State Duma Committee supported the abandonment of fines for failure to fulfill the obligation to sell foreign currency by exporters

The State Duma Committee on State Construction and Legislation supported the amendment, which would eliminate fines for failure by exporters to fulfill their obligation to sell foreign currency on the domestic market of the Russian Federation. This decision was made as part of the preparation of the initiative for the second reading. In the first reading it was proposed to return the fines.

“We consider this premature,” said First Deputy Chairman of the Committee Daniil Bessarabov at the meeting (quoted by Interfax). He believes that thanks to the measures already in place, it is possible to resolve all issues “without the forced will of the state.”

The bill was submitted to the State Duma in November by a group of senators led by Andrei Klishas. The initiative passed its first reading on November 30. Against the return of fines spoke Russian Union of Industrialists and Entrepreneurs.

From October 16, 2023, Russian exporters must credit accounts in Russian banks with at least 80% of the currency received and sell at least 90% of the credited proceeds. These rules apply to 43 groups of companies. Government supported extension of the sale of foreign currency earnings by exporters until the end of 2024.

Why exporters continue to hold currency abroad, read in the Kommersant publication “Dollars accumulated in banks”.

Laura Keffer