Govt: Exporters can transfer foreign currency to foreign accounts

MOSCOW, Jun 7 (PRIME) -- The Russian government’s commission for foreign investment control has allowed exporters to transfer foreign currency revenue to their accounts with foreign banks starting from Monday, the Finance Ministry said in a statement on Tuesday.

The permit is active only if the companies repatriate foreign currency to Russia and sell 50% of the foreign currency revenue in accordance with the law, the ministry said.

In late February, the government ordered all exporters to sell at least 80% of their foreign currency revenue no later than in three working days after receiving it, but in May, the threshold was reduced to 50% and the term extended to 60 working days.

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