Non-commodity exporters will be exempt from the obligation to repatriate foreign currency earnings. A bill developed by the Ministry of Finance of Russia allows non-commodity exporters to receive payments in foreign currency under export agreements concluded with non-residents directly to their bank accounts opened abroad, bypassing authorized banks. Lifting this repatriation requirement is scheduled for July 01, 2021. This is one of the steps aiming at liberalizing currency controls and stimulating non-commodity export growth.
Cancellation of repatriation requirement will not apply to loan agreements as well as to advance payments to non-residents made under foreign trade agreements.
NAZALI TAX & LEGAL