The Government of the Russian Federation has extended for a year, until April 30, 2025, the mandatory sale of foreign exchange earnings under foreign trade contracts for certain major Russian exporters. The corresponding decree was signed by Prime Minister Mikhail Mishustin.
As before, the requirement applies to 43 groups of companies operating in the sectors of the fuel and energy complex, ferrous and non-ferrous metallurgy, chemical and forestry industries, and grain farming.
These companies must deposit at least 80% of the foreign currency received from their export contracts to their accounts with Russian banks.
At the same time, the decree increases to 120 days from 90 days the period for exporters to transfer foreign currency earnings to their accounts from the date of transfer of goods to non-residents, performance of works and services for them in accordance with foreign trade contracts.
