About 70% of export revenue repatriated under decree denominated in national currencies - Russia's financial watchdog head

MOSCOW. July 16 (Interfax) - About 70% of the foreign exchange revenue that exporters are required to repatriate under a presidential decree is denominated in national currencies, head of Russia's Federal Financing Monitoring Service (Rosfinmonitoring) Yury Chikhanchin said.

The requirement for mandatory repatriation of currency and sale of foreign currency proceeds was introduced by presidential decree in October 2023. Rosfinmonitoring was mandated to monitor these operations. The service can appoint authorized representatives to export companies, and they can inform the Central Bank, the Federal Tax Service, the Federal Customs Service and the Federal Treasury of any signs that the requirements for the mandatory sale of foreign currency earnings are being violated.

"We have actually seen that most at of our exporters are law-abiding participants in foreign economic activity, almost all of them repatriate currency and sell it. Moreover, about 70% of the repatriated currency is in national currencies. That is, what the country's leadership is saying about converting settlements to national currencies really is working," Chikhanchin said at a meeting of the Federation Council's budget committee.