Russian authorities are considering requiring companies to sell a portion of their export earnings obtained in cryptocurrencies. Currently, the share of cryptocurrencies is low, however, if this increases, it would be logical for them to be subject to the rules regarding foreign currency earnings, stated Alexei Yakovlev, Director of the Financial Policy Department within the Ministry of Finance of the Russian Federation (quoted by Interfax).
The respective decree was signed by Vladimir Putin in the fall of 2023, at a time when the ruble was rapidly depreciating. The document obliged 43 of the largest exporters (the list was not made public) to provide information about their foreign operations to Rosfinmonitoring and the Central Bank of Russia, which were to monitor whether the companies repatriate most of their foreign currency revenues to Russian banks and whether they are obliged to sell it.
The specific levels are set by the government and have been modified several times. Currently, companies are no longer required to either repatriate or sell the currency: last year the ruble appreciated, and in August the authorities reduced to zero the requirements for repatriation and sale of export revenues.
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