The State Duma adopted amendments to currency regulation

On June 11^th, 2019, the State Duma adopted amendments to the Federal law "On currency regulation and currency control" concerning the requirements for the repatriation of export revenues in the first reading.

This bill provides for some changes in currency regulation from January 1^st, 2020. In particular:

• Elimination of requirements for repatriation of export proceeds from non-commodity exports;

• When repatriation of income from commodity exports, no more than 10% of revenue can be repatriated. Every year the percentage will increase;

• The bill provides for the restriction of repatriation in relation to the forest and, conversely, the removal of restrictions on precious metals.

On materials of the following website: https://sozd.duma.gov.ru/bill/733447-7#bh_histras