Russia extends mandatory fx revenue sale requirement until end of April 2025

Russia will extend capital controls that help prop up the rouble for one year until April 30, 2025, the government said on Saturday.

A period to return forex revenue has been extended to 120 days from 90 days from the date of delivery of goods to the buyer.

The controls, first introduced by presidential decree in October 2023, require dozens of undisclosed exporting firms to deposit no less than 80% of foreign currency earnings with Russian banks, and then sell at least 90% of those proceeds on the domestic market within two weeks.