It is no longer necessary to sell foreign currency earnings.

Jun, 22 2022

The Ministry of Finance has abolished the requirement to sell proceeds to raw materials and non-raw exports, as well as foreign exchange business contracts.

The new rules come into force on June 10. Prior to that, on June 09, Russian President Vladimir Putin canceled the requirement for the sale of foreign exchange earnings in the amount of 50 percent. However, the very requirement for the business to realize revenue remained de facto – the amount was determined by a special commission for the control of foreign investment.

that the business was obliged to sell foreign currency earnings on February 28. So, merchants were obliged to sell 80 percent of their income in foreign currency. After the stabilization of the ruble exchange rate and the achievement of liquidity in foreign currency in the Russian Federation, the Ministry of Finance reduced the amount to 50 percent.

Such measures demonstrate the stability of the national currency, despite the sanctions imposed on the economic sector of the Russian Federation. Moreover, there is a trend towards a decrease in interest in the currency since it is almost impossible to use it within the borders of Russia.

Author of the article
It is no longer necessary to sell foreign currency earnings.
Valentina Khlavich
Managing Partner
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