Russian exporters from key sectors have been ordered to sell their foreign currency revenues
Russian President Vladimir Putin signed a decree on Wednesday ordering exporters in key sectors of the economy to sell their foreign currency revenues, the Kremlin has announced. The regulation is intended to support the ruble, which has recently seen its value drop against major currencies.
The order covers 43 Russian exporters from the fuel and energy industries, black and non-ferrous metallurgy, the chemical and forestry industries, and grain farming.
Exporters will be required to repatriate and sell foreign currency proceeds on the Russian market. They will also have to submit indicative schedules for the purchase and sale of foreign currency to the Russian central bank and the Federal Financial Monitoring Service (Rosfinmonitoring). Authorized Rosfinmonitoring representatives will monitor compliance with the new regulations.
The measures will be in force…
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