Russia abolishes mandatory repatriation and sale of export proceeds

The Russian government has abolished the requirement for exporters to repatriate and sell their foreign currency earnings. The corresponding decree was signed by Prime Minister Mikhail Mishustin.

The decision comes amid a stronger and more stable ruble, as well as sufficient foreign currency liquidity in the domestic market.

Previously, major Russian exporters were obliged to credit at least 40% of foreign currency received under foreign trade contracts to accounts in authorized banks and sell at least 90% of those funds on the domestic market.

The repatriation and sale requirement was introduced by presidential decree in October 2023 to support exchange rate stability and the resilience of the Russian financial market. It applied to exporters in the fuel and energy complex, ferrous and non-ferrous metallurgy, chemical and forestry industries, as well as the grain sector.