Putin orders some exporters to sell foreign currency revenue

MOSCOW, Oct 12 (PRIME) -- Russian President Vladimir Putin has signed a decree introducing obligatory foreign currency revenue sales by some Russian exporters for six months, the government said in a statement late on Wednesday.

"The president of Russia has signed a decree On Obligatory Sales of Revenue in Foreign Currency Received by Some Russian Exporters on Foreign Trade Contracts," the statement read.

The terms and deadlines for the deals will be set by the government. The decree also stipulates that some exporters should submit schedules of purchases and sales of foreign currency on the national market to the central bank and the Federal Financial Monitoring Service.

The list of entities subject to the ruling consists of 43 groups of companies working in the energy, non-ferrous metal, chemical sectors, the timber industry and agriculture.

According to First Deputy Prime Minister Andrei Belousov, the rulings will help reduce speculative transactions on the foreign currency market.

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