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Requirement on sale of foreign currency revenue by exporters to be extended for one year

The regulation, which has been in force since October 2023, was set to expire on April 30

MOSCOW, March 4. /TASS/. The requirement on obligatory sale of foreign currency revenue by exporters will be extended for another year, Russian Deputy Finance Minister Alexey Moiseev said.

"The decree is expiring. We have sent a draft of extension for the term of the decree for approval. At this stage there is no feeling that the ruble has strengthened so much due to the decree, meaning that the current sales volumes are seriously higher than the minimum norms initially suggested. This is why the decree has not influenced the ruble’s dynamics," he explained.

The press service of the ministry noted that the decree would be extended for another year. The regulation, which has been in force since October 2023, was set to expire on April 30.

The issue is about obligatory repatriation of foreign currency and sale of foreign currency revenue on foreign trade contracts for certain large Russian exporters. The move is to facilitate maintenance of stability of the foreign currency exchange rate and sustainability of the Russian financial market, the government said earlier.

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