Government cancels obligatory 50% revenue sale for exporters

MOSCOW, Jun 10 (PRIME) -- The Russian government's commission for foreign investment control has cancelled an obligation for exporters to sell 50% of their foreign currency revenue, the Finance Ministry said in a statement on Friday.

"(The commission) … has decided to cancel a requirement for exporters to sell 50% of their foreign currency revenue,” the ministry said.

“The decision applies to both commodities and non-commodities exports and to export contracts in any currency. The decision comes into force from June 10, 2022,” the ministry also said.

On Thursday, President Vladimir Putin cancelled an obligation for exporters to sell half of their foreign currency revenue. The size of such obligatory sales will now be set by the government's commission for foreign investment control.

On February 28, the Finance Ministry obliged all exporters to sell 80% of their revenue in foreign currencies for all contracts with foreign clients, following a presidential decree and the commission’s decision. On May 23, the share of the sale was cut to 50%.

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