The State Duma’s Committee on State Construction and Legislation approved a change that removes fines for exporters who fail to meet the requirements for selling foreign currency earnings. This update was reported by TASS and marks a shift in how adherence to FX sale rules is enforced.
During the committee’s first reading, Daniil Bessarabov, the first deputy chair, noted that one proposal contemplated introducing administrative responsibility for not selling a portion of foreign exchange earnings. He explained that the committee decided to drop this particular norm after weighing several circumstances related to its potential impact.
The amendment was initially submitted to the Duma in early November 2023 and was part of a broader package that also clarified the procedure for transferring shares from foreign holding companies to indirect shareholders. The draft law passed the first reading on November 30, signaling steady parliamentary momentum in reforming FX-related regulations.
In late January, reports emerged that the Council of Ministers of the Russian Federation could permit the measure on FX earnings to operate for an extended or indefinite period, effectively lengthening the obligation to sell foreign currency earnings. This proposal would shape how exporters manage their currency sales over time and could influence market dynamics.
Previously, Russian Vice President Maxim Oreshkin had stated that the mandatory sale of foreign currency earnings demonstrated effectiveness in achieving policy goals, even as the exact mechanics and timelines continued to evolve. Market reactions to related statements and policy signals have included fluctuations in the ruble, underscoring the sensitivity of the FX market to regulatory developments and official rhetoric [sources: TASS; government statements].
Recent observations noted a rise in the exchange rate, with dollar prices increasing to levels around 93.5 rubles for the first time since December. Analysts have cautioned that currency policy moves, including intended freezes or expansions of mandatory FX sales, can have immediate ripple effects on prices, liquidity, and the broader economic outlook for Russia’s export-driven sectors [economic briefings and official updates].