Cancellation of the requirement to sell foreign currency earnings in the amount of 50%

LEGAL DIGEST, NEWS \ 21.06.2022

The President of the Russian Federation signed a Decree cancelling the requirement for the mandatory sale of export earnings in the amount of 50% of its total amount.

According to the document, residents participating in foreign economic activity are obliged to sell foreign currency credited to their accounts in authorized banks on the basis of foreign trade contracts concluded with non-residents of the Russian Federation. The subject of the contract may be:

• transfer of goods to non-residents;
• provision of services to non-residents;
• execution of works for non-residents;
• transfer to non-residents of the results of intellectual activity, including exclusive rights to them.

The essence of the published Decree means that the requirement for the sale of revenues has been preserved, but its amount will be determined by the Government Commission for Monitoring the Implementation of Foreign Investments. And the deadline for the sale of revenues will be set by the Board of Directors of the Central Bank of the Russian Federation.

Please be reminded that earlier a requirement for the sale of foreign currency earnings in the amount of 80% was introduced for exporters. Further, the period during which such a conversion was to take place was increased from 3 to 60 days, and then to 120 days. Later, the share of the sale was reduced from 80 to 50%.

In the matters of the implementation of relevant transactions, please contact Acsour experts.