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FX-Selling Requirement for Largest Exporters Extended Until Year-End

RUSSIA
  • The Russian presidential decree introduced last October which required the country's largest exporters to repatriate and sell foreign currency revenue will be extended until the end of 2024, Vedomosti’s sources said. The requirements will remain the same, with 43 groups of leading exporters required to transfer at least 80% of forex earnings to their Russian accounts and then sell at least 90% of this amount on the domestic market.
  • China is losing its appetite for Russian coal as import taxes and logistical issues push Asia’s biggest buyer to cheaper alternatives, Bloomberg report. They write that Russian exports plunged 22% in the first quarter after Beijing imposed a tax regime at the start of the year that favors some of Russia’s rivals.
  • The government holds a weekly meeting today where it will consider the 2025-2027 economic forecasts. While there are no data releases scheduled for today, industrial production, retail sales and unemployment rate data will all cross later in the week. The CBR rate decision is the highlight on Friday, where rates are widely expected to be held at 16%.
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