From May 24, exporters must sell 50% of foreign currency earnings instead of 80%. The decree on this was signed by President Vladimir Putin, the document is published on the portal of legal information. The decree also gave the Central Bank’s board of directors the right to determine the period of currency sales.

The Finance Ministry obliged Russian exporters to sell within three days 80% of foreign currency earnings, which arrived in their account, on February 28 after the start of Russia’s military operation in Ukraine, Western sanctions and the freezing of foreign exchange reserves abroad. The measure was supposed to support the ruble.

In late April, the Central Bank increased the deadline for exporters of non-resource non-energy sector to 60 working days. The regulator also allowed them to sell foreign currency to the accounts of their authorized banks.