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In particular, the decree stipulates that previous decrees regarding the compulsory sale of foreign exchange earnings and the levying export duties are no longer in force.

These decrees need to be abrogated because the federal law of 10 December 2003 On Currency Regulation and Currency Control does not provide for the possibility of regulating contractual relations concerning currency exchange by Russian Federation President’s regulatory legal acts. With regards to the mandatory sale of foreign exchange earnings derived from the export of goods (labour and services) by enterprises (including enterprises subject to foreign investment), the validity of the relevant legislation expired on 1 January 2007. All operations in this area are regulated by other laws and the Russian Federation Code of Administrative Offences.