World meat industry news

The requirement for the mandatory sale of foreign currency earnings by the largest exporters has been reduced from 80% to 60%. “The decision was made taking into account the stabilization of the national currency exchange rate and the achievement of a sufficient level of foreign exchange liquidity,” the government said in a press release.

The decision will be valid until April 30, 2025. It applies to exporters operating in the fuel and energy complex, ferrous and non-ferrous metallurgy, chemical and forestry industries, and grain farming.

On June 1, the government made changes to the rules for the sale of foreign currency earnings by exporters, according to which the Foreign Investment Commission received the right to issue permission not to sell foreign currency if foreign trade contracts are paid for more than 50% in rubles.

The decree on the mandatory sale of foreign currency earnings was signed in October 2023. In accordance with it, Russian exporters must credit at least 80% of the received currency to accounts in Russian banks, and sell at least 90% of the credited proceeds. At the end of April 2024, the government extended the decree until April 30, 2025.