Russia Extends Requirement for Major Exporters to Convert Revenues into Rubles

Russia has extended the effects of a decision that requires major exporters to convert the majority of their revenues from foreign currencies into rubles, in support of the national currency.

On Saturday, Russia announced the extension of controls on capital to support the ruble for an additional year, amid comprehensive Western financial sanctions imposed in response to Russia's military attack on Ukraine.

The Russian government stated on Saturday that it has decided to extend regulations that require 43 major Russian commodity groups to convert at least 80% of their revenues from foreign currencies into rubles until the end of April 2025.