Bank of Russia eases foreign exchange control for Russian non-energy commodity exporters
The Bank of Russia has permitted non-energy commodity exporters to carry out the mandatory sale of their foreign currency revenue credited to their accounts with authorised banks starting from 19 April 2022 in the amount established by Executive Order of the Russian President No. 79, dated 28 February 2022, no later than 60 business days from the date of its crediting to transit foreign currency accounts with authorised banks. Thus, the sale period has been extended from three to 60 business days.
The easing of the foreign exchange control rules will improve the capabilities of non-energy commodity exporters to manage their foreign currency liquidity.
The permit is valid until 1 September 2022 and can be extended if necessary.