Standards for mandatory sale of foreign currency earnings by exporters have been reset to zero

“The decision was made in connection with the strengthening and stabilization of the national currency exchange rate, as well as the absence of problems with foreign exchange liquidity,” the Cabinet press service reported.

The amount of mandatory repatriation and sale of foreign currency earnings for Russian exporters has been reduced to zero. The decree on this was signed by Prime Minister Mikhail Mishustin, the government press service reports .

“The decision was made in connection with the strengthening and stabilization of the national currency exchange rate, as well as the absence of problems with foreign exchange liquidity,” says a statement published on the Cabinet of Ministers’ website.

Previously, the largest Russian exporters were required to deposit at least 40% of foreign currency received under foreign trade contracts into their accounts in authorized banks and sell at least 90% of the deposited currency on the domestic market.