Repatriating export earnings to be canceled actually, retained only regarding mandatory sale - Central Bank of Russia
CHEBOKSARY. June 23 (Interfax) - The Russian authorities intend to take another step toward liberalizing the currency regime that the government tightened sharply following the introduction of sanctions against Russia in late February and early March, Central Bank of Russia (CBR) First Deputy Governor Vladimir Chistyukhin said at the Cheboksary Economic Forum.
"We have substantial easing for the sale of forex earnings. We are now specifically preparing a draft presidential decree by which the requirement for repatriating forex earnings will apply to the volume of forex earnings that must be sold," Chistyukhin said at the forum.
"If the mandatory sale is equal to zero, as established today, then repatriation is not necessary," Chistyukhin explained.
The Russian government introduced a number of restrictions on capital movement, including the mandatory sale of 80% of forex earnings, in response to the previously mentioned sanctions, later easing the requirement to 50% of forex earnings.
Exporters have been permitted since June 6 to receive forex earnings in their foreign accounts, though the requirement for repatriation and subsequent sale of export earnings in the amount determined by the presidential decree has formally remained. However, the requirement for the mandatory sale has been zeroed out since June 10.