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Exporters are allowed to transfer foreign currency revenues to their overseas bank accounts

According to the statement of the press service of the Russian Ministry of Finance, with reference to the decision of the Government Commission on Monitoring of Foreign Investment, Russian exporters are allowed to credit foreign currency revenues to their offshore accounts as of June 6.

Exporters are allowed to transfer foreign currency revenues to their overseas bank accounts
Photo by Aleksandr Plonskii /V&L

“Residents have the right to transfer foreign currency revenues gained under foreign trade agreements (contracts) to their accounts, opened in offshore banks,” the Ministry of Finance said in a statement posted on its website.

However, the decision on 50% foreign currency revenue conversion is still in force, the statement says.

Reminder: obligatory 80% conversion of foreign currency revenues was established by decree of the President. The Decree of the President of May 24, 2022, lowered the amount of foreign revenues to be converted into rubles from 80% to 50%.

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English version, 10 Jun 2022 12:54
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