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Russian President Vladimir Putin signed a decree on the application of special economic measures against Western countries that have adopted anti-Russian sanctions. The document was published on the official website of the Kremlin.
From March 1, residents of the Russian Federation are prohibited from crediting foreign currency to their accounts or deposits in foreign banks.
The decree on the application of special economic measures was adopted “in connection with the unfriendly actions of the United States and foreign states and international organizations that have joined them” and “in order to protect the national interests of the Russian Federation.” It takes effect immediately.
Residents participating in foreign economic activity should carry out the mandatory sale of foreign currency in the amount of 80% of the amount of foreign currency credited starting from January 1, 2022 to their bank accounts on the basis of foreign trade contracts concluded with non-residents and providing for the transfer of goods to non-residents, the provision of services to non-residents, the performance of for non-residents of works, transfer to non-residents of the results of intellectual activity, including exclusive rights to them, no later than three working days from the date of entry into force of this decree.
From February 28, residents participating in foreign economic activity will have to carry out the mandatory sale of foreign currency in the amount of 80% of the amount of foreign currency credited to their accounts no later than three working days from the date of crediting the currency.
From March 1, it will be prohibited to carry out currency transactions related to the provision by residents in favor of non-residents of foreign currency under loan agreements, the crediting by residents of foreign currency to their accounts opened with banks and other financial market organizations located outside the territory of the Russian Federation, as well as the implementation of money transfers. funds without opening a bank account using electronic means of payment provided by foreign payment service providers.
The requirements for the mandatory sale of foreign currency apply to residents who are parties to foreign trade contracts.
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Source: Rosbalt
Tristin is an accomplished author and journalist, known for his in-depth and engaging writing on sports. He currently works as a writer at 247 News Agency, where he has established himself as a respected voice in the sports industry.
