ORDER OF THE GOVERNMENT OF THE RUSSIAN FEDERATION

of October 12, 2023 No. 1681

About measures for implementation of the Presidential decree of the Russian Federation of October 11, 2023 No. 771

For the purpose of implementation of the Presidential decree of the Russian Federation of October 11, 2023 "About obligatory sale of foreign currency by some Russian exporters" the Government of the Russian Federation decides No. 771:

1. The Russian exporters included in the list approved by the Presidential decree of the Russian Federation of October 11, 2023 No. 771 "About obligatory sale of foreign currency by some Russian exporters" (further - the Decree):

a) since October 16, 2023 enlist into the accounts in authorized banks foreign currency in the amount of at least 40 percent of the foreign currency received in accordance with the terms of the agreements in foreign trade (contracts) signed with nonresidents and providing transfer to nonresidents of goods, accomplishment for nonresidents of works, rendering services to nonresidents, transfer to nonresidents of information and results of intellectual activities, including exclusive rights on them (further - agreements in foreign trade (contracts):

in time, not exceeding 60 days from the date of the actual receipt of the foreign currency which is due in accordance with the terms of agreements in foreign trade (contracts), established on the date of entry into force of the Decree, but no later than the Decree established on the date of entry into force by the agreement in foreign trade (contract) of completion date by the nonresident of obligations on payment of goods, works, services, information and results of intellectual activities;

in time, not exceeding 120 days from the date of transfer to nonresidents of goods, accomplishment for nonresidents of works, rendering to nonresidents services, transfer to nonresidents of information and results of intellectual activities according to agreements in foreign trade (contracts) signed after day of entry into force of the Decree;

b) perform obligatory sale in the domestic foreign exchange market of the Russian Federation of the foreign currency enlisted according to the subitem "an" of this Item in the amount of 90 percent of the amount of foreign currency in time, not exceeding 14 days from the date of transfer, but in the amount of at least 25 percent of the money received in accordance with the terms of agreements in foreign trade (contracts), - in time, not exceeding 30 days from the date of receipt of the specified money;

c) provide accomplishment by the affiliated economic societies (including created according to the legislation of foreign states and having the location outside the territory of the Russian Federation) actions for obligatory sale of the foreign currency received in accordance with the terms of agreements in foreign trade (contracts) in terms and the sizes which are established by this Item.

2. To the Ministry of Economic Development of the Russian Federation in 3-day time to notify the Russian exporters on inclusion them in the list approved by the Decree.

3. Bring in the Rules of issue of permissions by Russian Government Commission on Foreign Investments for the purpose of realization of additional temporary measures of economic nature for ensuring financial stability of the Russian Federation and other permissions provided by separate presidential decrees of the Russian Federation, and also realization of other powers for present purposes approved by the order of the Government of the Russian Federation of March 6, 2022 No. 295 "About approval of Rules of issue of permissions by Russian Government Commission on Foreign Investments for the purpose of realization of additional temporary measures of economic nature for ensuring financial stability of the Russian Federation and other permissions provided by separate presidential decrees of the Russian Federation and also realization of other powers for present purposes and modification of the Regulations on Russian Government Commission on Foreign Investments" (Russian Federation Code, 2022, No. 11, Art. 1689; No. 14, Art. 2260; No. 16, Art. 2669; No. 24, Art. 4056; No. 30, Art. 5638; No. 39, Art. 6625; No. 46, Art. 8001; No. 52, Art. 9647; 2023, No. 13, Art. 2267; No. 27, Art. 4997), following changes:

a) add Item 1 with the subitem "t" of the following content:

"r) the Russian exporters determined according to the Presidential decree of the Russian Federation of October 11, 2023 No. 771 "About obligatory sale of foreign currency by some Russian exporters" it is right not to perform obligatory sale of foreign currency in the domestic foreign exchange market of the Russian Federation in the amount of, equal to the amount of the foreign currency directed by such Russian exporters to satisfaction of the requirements expressed in foreign currency.";

b) add with Item 13 (4) the following content:

"13(4). Permission of the Commission, refusal in issue of permission of the Commission to implementation (execution) by the Russian exporters determined according to the Presidential decree of the Russian Federation of October 11, 2023 No. 771 "About obligatory sale of foreign currency by some Russian exporters" it is right not to perform obligatory sale of foreign currency in the domestic foreign exchange market of the Russian Federation in the amount of, equal to the amount of the foreign currency directed by such Russian exporters to satisfaction of the requirements expressed in foreign currency the solution of subcommittee which is drawn up by authorized body is.".

4. To make to the Ministry of Finance of the Russian Federation with participation of the Ministry of Economic Development of the Russian Federation explanations concerning implementation of this resolution.

5. This resolution is effective till April 30, 2025 inclusive.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info