Putin cancels FX revenue repatriation for non-energy exporters

MOSCOW, Jun 28 (PRIME) -- Russian President Vladimir Putin has signed a law to cancel a requirement non-energy exporters to repatriate their foreign currency revenue starting from July 1, the government said in a document published on Monday on the website for disclosure of legal information.

Simultaneously with the cancellation of revenue repatriation, the law allows the non-energy exporters to transfer foreign currency directly to foreign banking accounts under external trade contracts with foreign companies. The companies do not have to use authorized banks for the transfers.

The central bank will work with the Finance Ministry and the Economic Development Ministry on an order to provide information about the foreign currency revenue and assets and payable liabilities to the regulator.

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