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Amendments to executive order on special economic measures in connection with hostile actions by US in league with other states and executive order on additional measures to ensure stability in foreign exchange regulation

June 9, 2022

The President signed the Executive Order On Amendments to Presidential Executive Order No. 79 of February 28, 2022, OnImposing Special Economic Measures in Connection with the Hostile Actions of the United States in League with Other Foreign States and International Organisations, and Presidential Executive Order No. 126 of March 18, 2022, On Additional Provisional Economic Measures to Ensure Financial Stability of the Russian Federation in Foreign Exchange Regulation.

The amendments concern the amount and timeframe of the mandatory sale by residents participating in foreign economic activities of the foreign currency credited to their accounts in authorised banks on the basis of international trade contracts concluded with non-residents on transferring commodities to non-residents, providing them with services, performing work for them and granting them the results of intellectual activities, including exclusive rights thereof.

The amount of the mandatory sale of foreign currency by residents participating in foreign economic activity shall be determined by the Government Commission on Monitoring Foreign Investment in the Russian Federation; the timeframe for this procedure shall be established by the Central Bank Board of Directors.

June 9, 2022