The government has extended the sale of foreign exchange earnings by exporters until 2026

The Russian government has extended the mandatory sale of foreign exchange earnings by exporters until April 30, 2026. The corresponding resolution was published on May 22 in the Telegram channel of the Cabinet of Ministers.

"As part of the implementation of the decree of the President [of the Russian Federation Vladimir Putin], the government has approved a resolution extending the requirement for the mandatory sale of foreign exchange earnings by exporters," the publication says.

It is expected that the relevant decision will ensure predictable inflow of foreign currency into the domestic market. According to the text of the document, starting from May 25, exporters from the list approved by Putin's decree are required to transfer at least 40% of the foreign currency received in the course of foreign trade to accounts.

It clarifies that such companies must sell to the domestic market of the country at least 90% of the foreign exchange earnings credited to accounts in Russian banks and at least 25% of the funds received under each export contract.

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Evgeny Baboshkin, Head of Business Development at Prime Brokerage Service, told Izvestia on April 16 that a significant decrease in the volume of purchases of foreign currency by Russian legal entities was the main factor in the strengthening of the ruble against the US dollar and the euro. According to him, over the past six months, the total volume of currency purchased on the Russian market has almost halved, reaching 1.82 trillion rubles.