Russia to force export companies to sell foreign currency earnings on Russian market at government-controlled rates

Russian President Vladimir Putin has signed a decree obligating 43 export companies in the energy, metallurgy, chemical, forestry, and grain industries to sell their foreign currency earnings on the Russian market at rates set by the government. The move comes as Russia seeks to “stabilize the exchange rate” as the ruble has continued to weaken over the past months. The ruble has lost almost half its value over the past year.

The companies in question will have to provide the Bank of Russia and Rosfinmonitoring with plans and schedules for the purchase and sale of foreign currency on the domestic market, and some companies will be assigned “authorized Rosfinmonitoring representatives” who will monitor compliance with the regulations.