• İstanbul 9 °C
  • Ankara 10 °C

Russia eases obligation to sell foreign currency

Russia eases obligation to sell foreign currency
Firms exporting under intergovernmental agreements to be exempt from obligation, according to decree

By Emre Gurkan Abay

MOSCOW (AA) - Some Russian exporters will no longer have to sell their foreign currency earnings as of Monday, roughly a year after the obligation was introduced to fend off the effects of Western sanctions.

According to a decree by President Vladimir Putin, companies exporting under intergovernmental agreements will be exempt from the requirement.

In February 2022, the Russian Finance Ministry obliged Russian exporters to sell 80% of their foreign exchange earnings after Western sanctions froze half of the Russian Central Bank's overseas reserves of foreign currency in response to the war in Ukraine.

That ratio had been reduced to 50% in May last year.

*Writing by Gokhan Ergocun from Istanbul

source: News Feed
This news is a total 44 time has been read
UYARI: Küfür, hakaret, rencide edici cümleler veya imalar, inançlara saldırı içeren, imla kuralları ile yazılmamış,
Türkçe karakter kullanılmayan ve büyük harflerle yazılmış yorumlar onaylanmamaktadır.
This news yet comment has been added .
Other News
All Rights Reserved © May 2014 US Muslims | Unauthorized and the resources published.
Haber Scripti: CM Bilişim