Sberbank proposes easing restrictions on companies exporting cash as part of foreign economic activity

ST. PETERSBURG. June 14 (Interfax) - Sberbank proposes additionally easing restrictions on companies exporting cash as part of conducting foreign economic activity, Deputy Executive Board Chairman Anatoly Popov told reporters at the St. Petersburg International Economic Forum (SPIEF).

"Implementing forex restrictions has allowed accumulating a solid level of cash liquidity within the country. We believe that it is possible to ease the restrictions somewhat on legal entities exporting cash [when rendering settlements as part of foreign economic activity]," Popov said.

Popov recalled that Russian legal entities and individual entrepreneurs were permitted in 2022 to pay non-residents in cash and rubles under foreign trade agreements and loans.

"The share of these transactions is very small. In the first five months of this year, the share of settlements with non-residents in cash totaled 0.26% of the overall volume of settlements through Sberbank with non-residents," Popov said.

Popov also noted that these transactions are unrestricted as part of export contracts, and the regulator's permission is required as part of import contracts.