The Russian government has determined the share of foreign currency earnings that export companies must sell starting October 16, 2023. This measure, according to the authorities, should strengthen the ruble exchange rate.
As explained in the Russian Cabinet of Ministers, from this date, individual exporters, within 60 days from the receipt of funds, are required to credit accounts in domestic banks with at least 80% of the foreign currency received in accordance with their contracts.
In addition, exporting companies must sell at least 90% of the foreign currency earnings credited to accounts in Russia on the domestic market within two weeks.
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