1 Jul 2022 13:26

Russia to keep requirement to repatriate earnings only on resource exports

MOSCOW. July 1 (Interfax) - Russia's requirement for mandatory repatriation of foreign currency earnings to an account at an authorized bank again applies only to foreign trade contracts for resource exports.

A subcommittee of the government commission for control over foreign investment in Russia decided on June 21 to allow exporters to deposit foreign currency received from nonresidents on foreign trade contracts to their accounts abroad without mandatory return to an authorized bank, the Finance Ministry reported on Thursday.

Only revenues on contracts to supply commodities will be subject to mandatory repatriation within 120 days.

The list of exceptions (TN VED codes) is included in the document and it repeats the list of exceptions from the amendments (based on law No. 223-FZ) to the law On Currency Regulation and Currency Control that went into effect on July 1, 2021. This law freed exporters of mandatory repatriation of foreign currency last year, except those who export oil, gas, fish and some fish products, salt, sulphur, graphite, asbestos, ore, scrap and waste of ferrous and the main nonferrous metals, and pearl.