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The decree of Russian President Vladimir Putin on the mandatory sale of proceeds in foreign currency received by individual Russian exporters under foreign trade agreements will not be published. About it reported TASS press secretary of the head of state Dmitry Peskov.
“No he [указ] will not be published. He’s chipboard [для служебного пользования]. For obvious reasons, the list of these companies will not be published,” Peskov explained.
Putin signed a decree on the mandatory sale of foreign currency proceeds received by individual Russian exporters under foreign trade agreements on October 11. The goals of the innovation are to create long-term conditions for increasing the transparency and predictability of the foreign exchange market and reduce the possibility of currency speculation. The decree defines a specific list of 43 exporters related to the sectors of the fuel and energy complex, ferrous and non-ferrous metallurgy, chemical and forestry industries, and grain farming, which will be affected by these measures. According to the document, mandatory repatriation and sale of foreign currency earnings on the Russian market is introduced for these companies for six months. They promised to clarify the volume and timing within 24 hours.
After the introduction of the mandatory sale of proceeds in foreign currency, the Bank of Russia awaits increasing the efficiency of currency sales, improving the liquidity situation and reducing volatility.
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