It is no longer necessary to sell foreign currency earnings.

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The Ministry of Finance has abolished the requirement
to sell proceeds to raw materials and non-raw exports, as well as foreign
exchange business contracts.

The new rules come into force on June 10. Prior to
that, on June 09, Russian President Vladimir Putin canceled the requirement for
the sale of foreign exchange earnings in the amount of 50 percent. However, the
very requirement for the business to realize revenue remained de facto – the
amount was determined by a special commission for the control of foreign
investment.

that the business was obliged to sell foreign currency
earnings on February 28. So, merchants were obliged to sell 80 percent of their
income in foreign currency. After the stabilization of the ruble exchange rate
and the achievement of liquidity in foreign currency in the Russian Federation,
the Ministry of Finance reduced the amount to 50 percent.

Such measures demonstrate the stability of the
national currency, despite the sanctions imposed on the economic sector of the
Russian Federation. Moreover, there is a trend towards a decrease in interest
in the currency since it is almost impossible to use it within the borders of
Russia.



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