Russia has lifted the requirement for companies to sell foreign currency.

The Russian government has made a significant economic decision. The foreign currency sales requirement, previously implemented to maintain the ruble's value, has been completely abolished, effective today.

In a written statement, the Russian government stated that the ruble has stabilized in the country.

The statement also pointed out that the problems regarding access to foreign currency in Russia have been resolved, and said, "The amount that Russian exporters are required to sell for foreign currency earnings has been reduced to zero."

In order to stabilize the ruble in Russia, some export companies from the energy, metallurgy, chemical and agricultural sectors were required to sell foreign currency in 2023.

The Russian government had reduced the obligation for exporting companies in the country to sell 60 percent of their foreign exchange earnings to 40 percent in July 2024.

Source: AA