A special recording procedure for certain securities will be in effect until the end of 2025
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25.10.2024
ONE OF THE REQUIREMENTS FOR MANDATORY SALE OF FOREIGN CURRENCY EARNINGS BY MAJOR EXPORTERS HAS BEEN RELAXED
By April 30, 2025, the largest Russian exporters are obliged to:
- credit to their accounts in authorised banks a portion of the foreign currency received under foreign trade contracts concluded with non-residents and providing for the transfer of goods to non-residents, the performance of work for non-residents, the provision of services to non-residents, the transfer of information and intellectual property, including exclusive rights to them, to non-residents (the limit of currency subject to crediting has been reduced to 40% from July 21, 2024);
- sell part of this proceeds on the domestic currency market of the Russian Federation. Currently, this is 90% of the credited amount within a period not exceeding 14 days from the date of crediting, but in the amount of not less than 50% of the funds received under foreign trade agreements, within a period not exceeding 30 days from the date of receipt of the said funds.
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