China News Agency, Moscow, February 6 (Reporter Tian Bing) Russian President Vladimir Putin signed an order on the 6th, no longer requiring Russian exporters and commodity suppliers that implement intergovernmental agreements to settle foreign exchange.
According to the presidential decree published on the Kremlin website on the 6th, from now on, Russian exporters and commodity suppliers that implement intergovernmental agreements will no longer be required to sell their foreign exchange earnings.
Exporters who directly export goods abroad have the right to pay the received foreign exchange payments directly to commodity suppliers through authorized banks, and no longer require compulsory settlement of foreign exchange.
Furthermore, with the prior consent of the commodity supplier, funds received can be converted into currencies other than those specified in the contract, eliminating the need to sell foreign exchange.
According to the presidential decree signed by Putin on February 28, 2022, Russian exporters involved in foreign economic activities must sell 80% of the foreign exchange income remitted to their authorized bank accounts in accordance with foreign trade contracts after January 1, 2022.
On May 24, according to the Russian Presidential Decree, the proportion of compulsory foreign exchange settlement of foreign exchange income earned by Russian exporters was lowered from 80% to 50%.
On June 9, according to the Russian Presidential Decree, the requirement of 50% of the compulsory foreign exchange settlement for Russian exporters was cancelled, and the compulsory foreign exchange settlement amount and other matters were determined by a special government committee.
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