Russian president Vladimir Putin has signed a decree "On the mandatory sale of revenue in foreign currency received by certain Russian exporters under foreign trade agreements (contracts)," according to a government statement.
According to the decree, a specific list of exporters, including 43 groups of companies from various industries such as the fuel and energy complex, black and non-ferrous metallurgy, chemical and forestry industries, as well as grain farming, are required to repatriate and sell foreign currency proceeds on the Russian market. It is noted that this measure is intended to contribute to the stabilization of the ruble.
On Monday, the dollar exchange rate on the Moscow Exchange exceeded 102 rubles for the first time since March 23, 2022. Last week, the dollar exchange rate exceeded 101 rubles. The Central Bank of Russia attributes the fall in the ruble exchange rate to a decrease in the trade balance.
The process will be implemented over 6 months, with volumes and deadlines set by the government. Additionally, the obligation to submit indicative plans-schedules for the purchase and sale of foreign currency on the domestic market to the Bank of Russia and Rosfinmonitoring is introduced. The introduction of authorized representatives of Rosfinmonitoring into individual companies to monitor and ensure compliance with currency regulation rules is also provided.
First deputy prime minister of Russia Andrey Belousov noted that the main goal of these measures is to create long-term conditions for increasing transparency and predictability in the foreign exchange market, as well as to reduce the possibility of currency speculation.
