March 14, 2019 / 8:30 AM / 2 months ago

Russia to stop making exporters convert FX revenue into roubles from 2020

MOSCOW, March 14 (Reuters) - Russia’s finance ministry and central bank are prepared to drop regulations in 2020 that require Russia’s exporters to convert their foreign exchange revenue into roubles, Finance Minister Anton Siluanov said on Thursday.

Under current legislation, exporters face penalties for being late to convert some of their foreign currency revenue into roubles. (Reporting by Darya Korsunskaya and Andrey Kuzmin; writing by Tom Balmforth; editing by Gareth Jones)

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