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The President of Russia signed a law on exporters' mandatory sale of foreign currency earnings

On October 11, 2023, the President of the Russian Federation signed the Decree On the implementation of the mandatory sale of proceeds in foreign currency received by individual Russian exporters under foreign trade agreements. However, the compulsory sale of foreign currency earnings will only affect some exporters.

The Decree established a specific list of exporters who, within six months, will have to return foreign currency to Russia and sell it on the domestic market. The list consists of 43 groups of companies related to the fuel and energy complex, ferrous and non-ferrous metallurgy, chemical and forestry industries, and grain farming.

Companies specified by the Decree, within 60 days after receiving funds, will be required to credit their accounts in Russian banks with at least 80% of all foreign currency received under export contracts. They must sell at least 90% of the proceeds received into their accounts on the domestic market within two weeks, while at least 50% of the funds from each contract must be sold within no more than 30 days from the date of receipt.