Russia allows residents to sell cash forex earned on foreign trade contracts to banks at unofficial rates

MOSCOW. June 30 (Interfax) - The Russian government has stopped requiring residents to sell cash foreign currency received from nonresidents on foreign trade contracts to authorized banks at the Central Bank's exchange rate.

Residents can now sell such cash forex at exchange rates that differ from the official rate, according to amendments to the rules for cash settlements between residents and nonresidents made by government resolution No. 1024 dated June 24, which was published on the official website for legal information.