The Russian government said on Thursday it had abolished a requirement for exporting companies to repatriate and sell part of their foreign currency earnings, thanks to the rouble’s strengthening and no issues with FX liquidity.
Mandatory FX sales for exporters were introduced in October 2023 to try and stabilise the rouble, which had breached the 100 to the dollar threshold having steadily weakened for over a year after hitting a seven-year high close to 50 to the dollar in mid-2022.
Initially brought in for a period of six months, the measures were repeatedly extended and tweaked. Prior to the government’s move on Thursday, major exporters had been required to repatriate at least 40% of their foreign currency earnings and sell at least 90% of the repatriated earnings on the domestic market.
The decree abolishing the requirement was signed by Prime Minister Mikhail Mishustin.
“The decision was made in connection with the strengthening and stabilising of the national currency’s exchange rate, as well as the absence of problems with FX liquidity,” the government said in a statement.
The rouble hit a near three-year low against the dollar in early 2025, but has strengthened to the 80 mark against the dollar, largely on expectations that U.S. President Donald Trump’s return to the White House could yield an end to the war in Ukraine.
Trump is due to meet Russian President Vladimir Putin in Alaska on Friday.
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