15.02.2024, 07:45
Exporters in Russia complained of losses due to the support of the ruble
Source: OREANDA-NEWS
OREANDA-NEWS Russian business complained about the loss of large sums due to the mandatory sale of foreign currency. This was stated by Vladimir Gamza, Chairman of the Council of the Chamber of Commerce and Industry for Financial, Industrial and Investment Policy, as quoted by the Izvestia newspaper.
Before the return of measures to support the ruble, exporters left foreign currency in accounts and spent them abroad. Now, as part of the presidential decree, they are required to sell the proceeds in dollars and euros in Russia, which is why they lose part of the funds on the exchange due to high commissions. According to Nikolai Dunaev, Vice President of Opora Russia, due to difficulties with payments, fees can reach six percent of the amount.
A number of financial organizations that still work with European and American currencies also charge up to 70-120 thousand rubles for supervision of transactions. The conditions for storing and withdrawing currency from accounts are deteriorating — according to Alexey Tarapovsky, founder of Anderida Financial Group, any transfer increases the sanctions risks that may apply to all participants in the process. When transferring currency, companies lose a significant part of their profits, which is shifted to the consumer and affects prices for citizens.
At the end of January 2024, the Russian government decided to extend the mandatory sale of foreign exchange earnings by the largest exporters until the end of 2024. According to officials, the measure has proved effective. "The measures helped to stabilize the situation in the domestic foreign exchange market by achieving a sufficient level of foreign exchange liquidity," explained Deputy Prime Minister Andrei Belousov. Now, according to the presidential decree, exporters from the closed list place at least 80 percent of foreign exchange earnings on their Russian accounts.
Earlier, the State Duma decided not to impose fines on exporters for unsold foreign exchange earnings. According to the deputies, the current legislation allows to resolve this issue without forced will. It was assumed that the fines would return to the Code of Administrative Offenses (CAO), while they wanted to extend the norm to legal relations that arose from October 11, 2023.
Before the return of measures to support the ruble, exporters left foreign currency in accounts and spent them abroad. Now, as part of the presidential decree, they are required to sell the proceeds in dollars and euros in Russia, which is why they lose part of the funds on the exchange due to high commissions. According to Nikolai Dunaev, Vice President of Opora Russia, due to difficulties with payments, fees can reach six percent of the amount.
A number of financial organizations that still work with European and American currencies also charge up to 70-120 thousand rubles for supervision of transactions. The conditions for storing and withdrawing currency from accounts are deteriorating — according to Alexey Tarapovsky, founder of Anderida Financial Group, any transfer increases the sanctions risks that may apply to all participants in the process. When transferring currency, companies lose a significant part of their profits, which is shifted to the consumer and affects prices for citizens.
At the end of January 2024, the Russian government decided to extend the mandatory sale of foreign exchange earnings by the largest exporters until the end of 2024. According to officials, the measure has proved effective. "The measures helped to stabilize the situation in the domestic foreign exchange market by achieving a sufficient level of foreign exchange liquidity," explained Deputy Prime Minister Andrei Belousov. Now, according to the presidential decree, exporters from the closed list place at least 80 percent of foreign exchange earnings on their Russian accounts.
Earlier, the State Duma decided not to impose fines on exporters for unsold foreign exchange earnings. According to the deputies, the current legislation allows to resolve this issue without forced will. It was assumed that the fines would return to the Code of Administrative Offenses (CAO), while they wanted to extend the norm to legal relations that arose from October 11, 2023.
Комментарии