22 Apr 2022 09:23

Russia extends deadline for resource exporters to sell forex earnings to 60 days from three

MOSCOW. April 22 (Interfax) - Two days after extending the period within which companies in the non-resource, non-energy sector must sell their export earnings, the Central Bank of Russia (CBR) has done the same for remaining exporters.

The CBR said on Thursday that, in light of the "stabilization of the situation on the currency market, [it] decided to additionally ease requirements for the mandatory sale of foreign currency by exproters."

All exporters will now have 60 working days to sell forex earnings deposited into their accounts at authorized banks starting on April 19.

The requirement for exporters to sell 80% of their forex earnings within three days was imposed by a presidential decree (No. 79) issued on February 28, 2022. Another presidential decree was issued in March that allowed deviations from this requirement with the permission of the authorities.

The CBR announced earlier that companies engaged in non-resource, non-energy exports will be given 60 days to sell their foreign currency earnings instead of three days.

The easing of currency control rules "will improve the ability of companies engaged in non-resource, non-energy exports to manage forex liquidity," the CBR said. The allowance will be in effect until September 1, 2022 and can be extended if necessary.