Russia to cut export revenue sales
Russia's finance minister and deputy prime minister Alexei Kudrin said last week that a bill cutting the percentage of hard currency revenues that exporters are compelled to sell would be introduced within two months.
This percentage will be cut to 50 percent from 75 percent, he said. Speaking after attending the meeting of finance ministers from the ‘Group of Seven’ richest nations, Kudrin said: "The bill on cutting export revenue sales will be passed within two months, maybe even sooner. It makes no sense to delay this measure any more."
Russia introduced obligatory sales of hard currency export revenues after the 1998 financial crisis to prevent the flight of capital from the country and to replenish state coffers.
