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MIL OSI Translation. Region: Russian Federation –

06/23/2021

At a meeting on Wednesday, the Federation Council approved a law abolishing from July 1, 2021, the requirements for the repatriation of foreign exchange earnings (return of earnings received as part of a foreign economic transaction) for non-resource exporters.

For non-resource non-energy exports, the law cancels the requirement for residents to repatriate to their accounts in authorized banks foreign currency received for goods transferred to non-residents, work performed for them, services rendered to them. At the same time, the rule on the abolition of the repatriation requirement will not apply to foreign trade agreements between residents and non-residents on the transfer of commodity export goods, the amount of obligations for which is determined in foreign currency.

The law also provides for the possibility of crediting export foreign exchange earnings to exporters’ accounts opened with banks outside the territory of the Russian Federation.

Earlier, Russian President Vladimir Putin, during the announcement of the message on April 21, said that the country must remove all excessive restrictions on foreign exchange controls for non-resource exporters from July 2021.

A source: TASS

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EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.

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