One of them directly concerns Russian exporters and is aimed at reducing the administrative burden.
Federal Law of June 28, 2021 N 223-FZ «On Amendments to the Federal Law» On Currency Regulation and Currency Control «(No. 173-FZ of December 10, 2003) allows you not to transfer funds from transactions with foreign buyers to accounts in Russian banks.
Until July 1, companies and individual entrepreneurs selling finished goods, providing services and performing work abroad had to transfer foreign exchange earnings and advances to accounts in Russian banks.
If the money was not transferred on time, then the business received a fine: from 5% to 30%.
Now companies that have concluded transactions with foreign partners can receive their proceeds to accounts in foreign banks and not transfer them to accounts in Russian banks.
The changes will also affect those contracts that were concluded before July 01, 2021, but for which payment did not go through.
The permits apply only to non-raw materials and non-energy goods, in particular, the sale of gold, ferrous and non-ferrous metals, basic metal products and grain.
Some statistics:
Gold
in 2020, the Russian government allowed all mined gold to be exported from the country, and the Central Bank refused to purchase it.
Bottom line: 160% growth in exports.
Revenue reached $ 18.5 billion, and physically 320 tons were sold, with production of 290 tons — banks joined the sale.
Metals
Copper, nickel, aluminum, lead, zinc and tin are covered by the new law.
According to the Federal Customs Service, metal exports bring Russia 10.5% of all export revenues.
In 2020, this amount was $ 35.5 billion.
Grain
In dollar terms, wheat exports last year amounted to $ 8.21 billion , up 28.2% by 2019.
Thus, in total, exports worth $ 160 billion are exempted from foreign exchange controls.
Is this good or bad?
Like any coin, the adopted amendments have two sides.
The first is positive.
The amendments made to the law are aimed at making it easier for companies to enter foreign markets. Costs should be lower, paperwork should be reduced, and the risk of fines should be significantly reduced.
The second side is that these measures will put pressure on the balance of foreign exchange liquidity, and indirectly on the ruble.
Companies will build up foreign assets, which will reduce the inflow of foreign exchange into the domestic market and the economy.
