Bank of Russia extends period for sale of foreign currency earnings by exporters to 120 business days
In order to expand the ability of exporters to manage foreign currency liquidity, the Bank of Russia Board of Directors decided to further ease the requirement for the mandatory sale of foreign currency.
Exporters will be entitled to sell foreign currency credited to their accounts with authorised banks in the amount established by Executive Order of the President of the Russian President No. 79, dated 28 February 2022, no later than 120 business days from the date of its crediting to transit foreign currency accounts with authorised banks.
This decision is valid in regard to the received foreign currency which has not been sold on a mandatory basis regardless of the date of its crediting to the resident’s account with an authorised bank.
Previously, the period for selling foreign currency was extended from three to 60 days.
Pursuant to Executive Order of the President of the Russian Federation No. 303, dated 23 May 2022, the amount of foreign currency subject to mandatory sale is reduced from 80% to 50% of the total amount of export foreign currency earnings of residents participating in foreign trade.
In addition, pursuant to the decision of the subcommittee of the Government Commission on Monitoring Foreign Investment in the Russian Federation, foreign currency accumulated by exporters may not be subject to mandatory sale within 120 business days from the date of its crediting provided that it is transferred to fulfil obligations under import contracts.