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The law was passed by the State Duma on June 20, 2003 and approved by the Federation Council on June 26, 2003.

The law reduces the amount of currency earnings obtained by residents from the export of goods (works, services, and results of intellectual activity) that are subject for mandatory sale on the domestic foreign exchange market of the Russian Federation, from 50% to 30%. It also stipulates that the Central Bank of the Russian Federation may alter the given benchmark within the established band.