The Government of the Russian Federation has prepared a decree regulating the timing and volume of repatriation of foreign currency earnings and its mandatory sale by the largest exporters in accordance with the previously signed presidential decree.
As Prime Minister Mikhail Mishustin said at a government meeting, the Cabinet expects that the measure will stabilize the situation with supply and demand in the domestic market, Interfax reports.
“The solution will help equalize the balance between supply and demand and will help increase the predictability of trade, which is important for many Russian manufacturers who purchase components, equipment and other products abroad. And of course, for our citizens who need high-quality and affordable goods,” he said.
On the evening of October 11, it became known that the president had signed a decree “On the implementation of the mandatory sale of proceeds in foreign currency received by individual Russian exporters under foreign trade agreements (contracts).” The document assumes the introduction of a requirement for the mandatory sale of foreign currency earnings by large exporters for six months. It was assumed that sales volumes should be set by the government.
Neither the decree nor the resolution have yet been published.
Source: Rosbalt
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