Central Bank of the Russian Federation proposes to cancel mandatory repatriation of foreign currency earnings

Nowadays Russian exporters are legally bound to return currency earnings received abroad to their national bank accounts. According to amendments proposed by Central Bank in the field of currency legislation participants of foreign trade will be entitled not to return export revenue received in foreign currency.

Such amendments are part of the program conducted by the Ministry of Finance of the Russian Federation which is aimed at simplification of currency control measures and liberalization of currency legislation. It is planned that complete cancellation of foreign currency earnings’ repatriation will be implemented by 2025. Until then steps will be taken to phase it out.

In addition to above mentioned changes restrictions on the crediting of foreign currency earnings by exporters to their foreign accounts are planned to be cancelled. Such measures will help to relieve the burden imposed on both business and credit organizations, what will positively affect Russian export promotion.