The Central Bank extended the term for the sale of foreign currency for exporters of the non-commodity sector

The Central Bank has increased the period for the mandatory sale of foreign currency by exporting companies in the non-resource non-energy sector from three to 60 days, according to the regulator's website.

“The Bank of RUSSIA allowed <...> to carry out the mandatory sale of foreign currency credited starting from April 19, 2022 to their accounts in authorized banks, in the amount established by Decree of the President of the Russian Federation of February 28, 2022 No. 79, no later than 60 working days from the day it is credited to transit currency accounts in authorized banks," the statement said.

The permit will be valid until September 1, added to the Central Bank. The Bank of Russia indicated that this measure will allow companies to improve their ability to "manage foreign exchange liquidity."

The Ministry of Finance obliged exporters to sell 80% of foreign exchange earnings against the backdrop of the imposition of sanctions against Russia and the depreciation of the ruble. In 2014, when the first economic sanctions were imposed on Moscow , the Russian authorities did not resort to such a measure: then the government coordinated the sale of foreign currency by the largest exporters through the instructions of the boards of directors.

In addition, prohibitions were introduced on the sale of Russian securities to foreigners, on the crediting of foreign currency by Russian residents to their accounts and deposits in foreign banks and brokers, and on lending by Russian residents to foreigners if it occurs in foreign currency.