Economy12.10.2023 - 12:44

Putin obliged some exporters to sell foreign currency proceeds on the Russian market

We are talking about a part of energy, metallurgical, chemical and grain companies.

Фото: Kristina Kormilitsyna / MIA Russia Today

Russian President Vladimir Putin has obliged certain Russian exporters to sell foreign currency proceeds. This measure is introduced to stabilize the ruble exchange rate.

The innovations are introduced by the decree "On the implementation of compulsory sale of foreign currency proceeds received by individual Russian exporters under foreign trade agreements (contracts)". The country's government reports that the decree has already been signed by Putin.

Under the new decree, certain companies will have to repatriate and sell foreign currency proceeds on the Russian market. The volumes and terms will be set separately by the government.

Also, certain companies will be obliged to submit to the Central Bank and Rosfinmonitoring plans-schedules for the purchase and sale of foreign currency on the Russian market.

Some companies will be monitored by representatives of Rosfinmonitoring. They will ensure compliance with the rules of currency regulation.

As follows from the decree, 43 groups of exporting companies in ferrous and non-ferrous metallurgy, grain production, timber and chemical industries, as well as in the fuel and energy complex will be obliged to sell foreign currency earnings.

Earlier, Deputy Prime Minister Alexander Novak told reporters that the Russian government is not considering an increase in the tax burden for the oil industry.

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