The Ministry of Finance allowed exporters to sell 50% of foreign exchange earnings, not 80%

This is due to the “stabilization of the ruble exchange rate”.

  • The department’s decision was also influenced by “achieving a sufficient level of liquidity in foreign currency in the domestic market.”
  • The sale of 80% of foreign exchange earnings became mandatory on 28 February. The decision was included in the list of responses to Western sanctions after the start of the “special operation”.
  • The Central Bank determined that it is necessary to sell the proceeds received from January 1, 2022. Sale – at the market rate in any legal way, it is possible in parts, but all 80% had to be sold in three days.
  • In April, Vedomosti sources reported that exporters could not sell the proceeds due to low demand for dollars and euros. Later, the Central Bank allowed it to be sold not in three days, but in 60 working days.

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