Putin cancels obligatory 50% revenue sale for exporters

MOSCOW, Jun 9 (PRIME) -- Russian President Vladimir Putin cancelled on Thursday an obligation for exporters to sell half of their foreign currency revenue, the obligatory sales will now be set by the government's commission for foreign investment, according to the document on the website for legal acts.

The Finance Ministry obliged all exporters on February 28 to sell 80% of their revenue in foreign currencies for all contracts with foreign clients. On May 23, the government's commission for foreign investment control reduced the share of the sale to 50%.

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