20 Oct 2023 10:21

Russian govt releases resolution to implement presidential decree on forex revenue sales

MOSCOW. Oct 20 (Interfax) - A Russian government resolution dated October 12 on measures to implement the presidential decree that introduced mandatory repatriation and sales of major exporters' forex earnings for six months was published on the official website for legal acts on Thursday.

The decree of October 11, which includes a list of companies subject to it, is marked "for internal use" and is not being published. The main provisions of the government resolution signed the next day pursuant to the decree were disclosed in separate comments from the government administration, but the whole document had not been released until Thursday.

Provisions in the resolution not previously disclosed by the government include the extension of the requirement to repatriate and sell forex earnings to subsidiaries of companies included in the presidential decree, including ones registered abroad. The resolution also allows exporters to request exceptions by appealing to the subcommittee of the government commission on foreign investment. A source told Interfax earlier that this provision is also spelled out in the decree.

The resolution, like the decree, will be in effect until April 30, 2024.