Tel : 0086-0371-86172891
Tel : 0086-0371-86172891
On June 21st, the Russian government announced that due to the appreciation of the ruble and the relaxation of capital controls, the proportion of foreign exchange earnings that exporters must convert into rubles has been reduced from 80% to 60%. This requirement applies to exporters in the energy, metal, chemical, wood, and grain industries and is valid until April 30, 2025.
This regulation was initially introduced by a presidential decree in October 2023, requiring dozens of undisclosed export SPFC490Y steel companies to deposit at least 80% of their foreign exchange earnings into Russian banks and invest 90% of it in the domestic market within two weeks.
Due to sanctions imposed by the United States on key financial systems, Russia has suspended transactions between the US dollar and the euro, leading to a SPFC490Y steel reduction in foreign exchange exposure for businesses and a significant appreciation of the ruble. A strong ruble is not conducive to the development of Russia's export economy, and capital controls need to be relaxed to limit the appreciation of the ruble. On June 28th, the trading price of the ruble against the US dollar was approximately 87, and it is expected that the ruble will remain at 85-90 in the short term. Relaxing the requirements for compulsory sales of foreign exchange income will greatly improve the efficiency of enterprise capital circulation SPFC490Y steel .
