Exporters of the Russian Federation with import contracts are allowed not to sell foreign currency earnings

The Government Commission for the Control of Foreign Investment has allowed exporters with import contracts not to sell foreign currency proceeds temporarily. The permit will be valid until September 1, 2022, Vedomosti reports.

Import and export contracts must be registered in the same authorized bank. Foreign currency under the import contract in favor of non-resident will be written off from the transit currency account of the exporter, where the funds, received from the sale of goods abroad, were deposited.

According to Associate Professor of "Global Financial Markets and Fintech" Department of Plekhanov Russian Economic University Tatiana Belyanchikova, almost all major exporters have payments for imports. According to her, their amount is the higher, the more active the stage of the investment cycle of the company. At the same time, there are no cases on the market when the group's imports are generally close to 80% of export revenues. It is possible within the framework of one major project, but it is too risky to make such large-scale investments throughout the company, Belyanchikova explained.

According to the expert, as a result of this innovation the companies will not have to pay the bank commissions twice - for the sale and purchase of foreign currency, but it will not change the situation on the Russian foreign exchange market.

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Author: Ulyana LutskiewiczMade
in Russia/Made in Russia

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