Page 88 - RusRPTAug22

during the RUIE congress.
Some further easing for individuals. Starting from July 1 2022, individual’s resident in Russia may transfer no more than $1mn or the equivalent amount in another foreign currency from their account in a Russian bank to an account abroad (in a friendly state) or to another person during a calendar month. A similar threshold has been set for transfers by resident individuals from friendly states. Previously, the limit for these operations was $150,000. The increase in transfer limits is due to the stable situation on the domestic currency market.
Russia has switched the pricing of its grain trade from dollars to rubles. Russia’s agriculture ministry on July 8 set the variable export tax on wheat at Rb5,558.9/mt ($87.88/mt) for the July 13-19 period, as the country’s grains traders welcomed a significant reduction in their tax burden. The lower taxes are a result of Russia’s switch from a dollar-denominated rate and its adoption of a different mechanism for calculating the tax, which is reset each week. The rate for July 13-19 shipments was up by Rb958.9 from the previous seven-day period, the first time a ruble-denominated rate applied. The ruble rate is equivalent to around 22% of the ministry’s trailing average FOB price, whereas wheat exported from Russia June 29-July 5 was taxed at $146.10/mt, or around 36% of that average.
88 RUSSIA Country Report October 2020 www.intellinews.com