Russian suppliers under inter-govt agreements able to receive FX from exporters without mandatory sales - presidential decree

MOSCOW. Feb 6 (Interfax) - Foreign currency earnings from exporting goods under intergovernmental agreements could be credited to suppliers' accounts in authorized banks without mandatory sales.

Russian President Vladimir Putin on February 6 signed the corresponding decree that enters into force as of the date of publication.

The decree on a special procedure for making settlements between certain resident legal entities in the course of foreign economic activity was signed "in order to create conditions for making separate settlements within the framework of foreign economic activity," the document says, without giving a more detailed rationale.

According to the decree, exporting legal entities that directly transfer goods to non-residents under foreign trade contracts concluded in fulfillment of intergovernmental agreements can transfer the currency received to the accounts of suppliers without sale. The transfer can also be made in a currency other than that specified in the contract if the supplier agrees to this.