MOSCOW (Reuters) – The Russian federalgovernment has softened requirements for necessary sales of foreign currency for exporters if more than half of the worth of their agreements is paid in roubles, according to modifications to a federalgovernment decree.
President Vladimir Putin signed the decree in October mandating the reintroduction of capital controls, impacting lots of business in the fuel, energy, metal, chemical, lumber and grain markets in order to prop up the rouble.
The Russian currency was under pressure from capital outflows and minimal foreign currency supply. In April, the capital manages determines were extended for a year.
Certain Russian exporters were needed to deposit no less than 80% of foreign currency incomes with Russian banks and then sell at least 90% of tho