Putin requests selling 80% of foreign currency earnings starting 28 February, says decree

Russian President Vladimir Putin has requested the obligatory sale of 80% of foreign currency earnings received on international trade contracts with non-residents starting Monday, according to a decree by the head of the state published on the Kremlin's website on Monday.

"Starting 28 February, 2022, residents - participants of international economic operations should obligatorily sell foreign currency in the amount of 80% of the amount of foreign currency put on their accounts in authorized banks on the basis of international trade contracts concluded with non-residents and stipulating transfer of goods to non-residents, provision of services to non-residents, the performance of works for non-residents, transfer of the results of intellectual activities to non-residents, including exclusive rights to them," the document said. The requirement should be fulfilled no later than three working days after receipt of foreign currency, reports TASS.

Moreover, Putin has requested the obligatory sale of 80% of foreign currency put on accounts of residents starting 1 January, 2022, under such contracts. This should be done no later than three working days after the decree's enforcement.

Russian President Vladimir Putin said on 24 February that in response to a request by the heads of the Donbass republics he had made a decision to carry out a special military operation. The Russian leader stressed that Moscow had no plans of occupying Ukrainian territories. Western countries responded to the actions of the Russian authorities by slapping sanctions against physical and legal entities.

Earlier, foreign ministers of 27 countries of the European Union approved the ban on all transactions with the Central Bank of Russia and the freezing of its assets.