OREANDA-NEWS. May 29, 2008. In particular, the decree stipulates that previous decrees regarding the compulsory sale of foreign exchange earnings and the levying export duties are no longer in force.

These decrees need to be abrogated because the federal law of 10 December 2003 On Currency Regulation and Currency Control does not provide for the possibility of the President of the Russian Federation regulating contractual relations concerning currency exchange as defined by normal standards and laws.

With regards to the mandatory sale of foreign exchange earnings derived from the export of goods (labour and services) and enterprises (including enterprises subject to foreign investment), the validity of the relevant legislation expired on 1 January 2007. All operations in this area are regulated by other laws and the Code of the Russian Federation of Administrative Offences.