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Non-commodity exporters will be exempt from repatriation of foreign exchange earnings
The document amends the law "On Currency Regulation and Currency Control" and will enter into force on July 1, 2021.
On June 15, the Russian State Duma adopted the relevant law. It provides for the complete abolition of the repatriation of export earnings and the lifting of restrictions on its transfer to foreign accounts of exporters.:
- for goods transferred to non-residents;
- for the work performed for non-residents;
- for services rendered to non-residents;
- for information and results of intellectual activity transferred to non-residents, including exclusive rights to them.
The repatriation requirement will not apply to foreign currency loan agreements, as well as contracts under which foreign currency advances were transferred to non-residents.
In addition, it has been provided for the possibility of crediting export foreign exchange earnings to accounts of exporters opened in banks outside of Russia.
"We have been advocating for the abolition of this requirement for several years and were supported by the Ministry of Finance, the Ministry of Economy and the Central Bank. The procedures for the repatriation of foreign exchange earnings create significant administrative barriers and burdens for exporters. For many entrepreneurs, these procedures and the risk of liability have become a crucial factor in not exporting. With the entry into force of the new law, exporters of non-primary products will be able to simply transfer money to an account abroad and use it at their discretion. This is extremely important especially for SME exporters, who have every ruble in their account, and for the development of exports through e-commerce channels, since all marketplaces pay for goods through foreign payment systems," said Veronika Nikishina, General Director of REC JSC.
