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Bank of Russia extends measures to ease foreign exchange control for all exporters

21 April 2022

Given the stabilisation of the situation in the FX market, the Bank of Russia decided to further ease the requirements for the mandatory sale of their foreign currency earnings by exporters.

Now, all exporters have the right to carry out the mandatory sale of their foreign currency earnings credited to their accounts with authorised banks on and after 19 April 2022 in the amount established by Executive Order of the President of the Russian Federation No. 79, dated 28 February 2022, within 60 business days from the date of their crediting to transit foreign currency accounts with authorised banks.

Earlier, the foreign currency sale period was extended from three to 60 business days for non-energy commodity exports.

This decision will improve the ability of exporters to manage their foreign currency liquidity.

The permit is valid until 1 September 2022, however, it can be adjusted if the situation in the financial market changes.

Preview photo: Shutterstock / Fotodom