A law on the abolition of the mandatory return of foreign currency earnings was signed.

The new law will cancel the repatriation of foreign currency earnings for non-resource exporters from July 1, 2021. Putin signed Federal Law No. 223-FZ dd 28.06.2021.

The current version of the law on Currency Transactions establishes the requirement for residents to receive foreign currency earnings to their accounts with authorized banks for goods transferred to non-residents, works or services performed for them, information and results of intellectual activity transferred, including exclusive rights. In addition, advances that are not covered by deliveries of goods or services are subject to return to Russian banks. This is called repatriation.

The cancellation of repatriation does not apply to commodity exports. According to the Unified Commodity Nomenclature of foreign economic activity of the EAEU, the codes of goods that relate to it are specified in the signed law.

The law also provides for the possibility of crediting export foreign exchange earnings to the accounts of exporters opened in banks outside the territory of the Russian Federation.