off-the-wire

UPDATE 1-Russia to exempt some companies from mandatory FX sales - decree

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds detail) Feb 6 (Reuters) - Russia will exempt some companies from having to sell their foreign currency revenues for roubles, according to a decree signed by President Vladimir Putin on Monday. The decree, which enters into force straight away, applies to companies selling Russian goods to foreign buyers as part of inter-government agreements.


It did not name specific companies that would be affected. However, Russian energy giants Rosneft and Gazprom sell oil and gas respectively to China under such agreements.


Shortly after invading Ukraine last February, Russia introduced new rules requiring some export-focused companies to convert their forex revenues into roubles in a bid to curb the currency's decline.


Since then, the rouble has been boosted by demand from exporters, while there has been limited demand for dollars and euros from importers due to disrupted supply chains.
(Reporting by Reuters; Editing by Mark Trevelyan)

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