Measures are:
1- Russian exporters must sell 80% of the foreign currency proceeds, earned from foreign counterparties.
Each Russian resident generating income in foreign currency from the sale of goods, service rendering, performance of work, or transfer of intellectual property to non-resident, must exchange 80% of the proceeds into ruble within three business days of crediting the account.
2- Capital Control restrictions:
– Russian Banks can no longer grant loans to non-residents in foreign currency;
– Transfer of foreign currencies from Russian banks outside Russia.
– Transfer of money outside Russia through electronic means (equivalent to OMT in Lebanon).
3- Buy back of a Russian Public Joint Stock Company (PJSC):
Till December 31, 2022 all Russian PJSC must buy back their shares if some conditions are met.
#russiaukrainecrisis #russiaukraine #russia #ukraine #countersanctions #sanctions #sanctionscompliance